Governments have been urged to explore new taxes on the super-rich, fossil fuels, financial transactions, and highly polluting industries as part of a bold strategy to raise funds for poorer nations battling the climate crisis.
The proposal forms one of the central recommendations of the “Baku to Belém” roadmap, a new global climate finance blueprint unveiled by Brazil and Azerbaijan, the current and former presidents of the UN climate COP process.
In a forthright appeal, the report calls for “strengthened international cooperation on taxation” and voluntary partnerships among countries to target sector-based contributions from greenhouse gas-intensive activities, financial transactions and ultra-high-net-worth individuals. It cautions, however, that such measures should consider “potential negative impacts on development priorities, trade, and redistribution mechanisms.”
Environmental groups have welcomed the move. Rebecca Newsom, global political expert at Greenpeace International, said the roadmap’s recognition of new levies was crucial: “Given that five major oil and gas companies earned almost $800 billion in profits over the last decade, taxing fossil fuel corporations is a clear opportunity to overcome national fiscal constraints.”
World leaders are set to gather in Belém, Brazil, later this week for preparatory talks ahead of COP30, where climate finance will dominate discussions.
The Baku to Belém roadmap builds on last year’s COP29 outcome, which set a goal of providing £1.3 trillion annually by 2035 to help developing countries curb emissions and adapt to climate impacts. However, wealthy nations have so far pledged only $300 billion, leaving a major funding gap to be filled through innovative financial instruments, private investment and new levies.
Mukhtar Babayev, Azerbaijan’s environment minister and former COP29 president, said: “The roadmap shows a clear path to scaling up climate finance to $1.3 trillion by 2035. It is possible, but it requires political will and global action.”
The document also highlights the need for debt relief through mechanisms such as debt-for-climate swaps, enabling highly indebted nations to invest in emissions-cutting and adaptation projects. It urges multilateral development banks and the World Bank to provide cheaper and easier access to finance, noting that developing countries currently pay significantly higher borrowing costs than wealthier nations.
Social equity remains another core pillar of the roadmap, which warns that without attention to the social consequences of the clean-energy transition, there is a risk of deepening inequality and undermining public trust. It calls for funding dedicated to workers, women, Indigenous Peoples and local communities to ensure a just and inclusive transformation.
Carolina Pasquali, Executive Director of Greenpeace Brasil, welcomed the ambition but said more must be done: “The roadmap recognises the finance gap and the need for concessional funding, but it doesn’t go far enough in holding developed countries accountable. We still need to see real money on the table if we are serious about climate justice.”
