COP30 Proposes Taxing Private Jets and the Super

The COP30 presidency is proposing a review of financial rules and the taxation of large fortunes, private jets, and specific goods such as military or luxury items as pathways to reach the target of US$ 1.3 trillion (R$ 7 trillion) per year in climate financing. The proposals appear in one of the most anticipated documents of the event in Brazil: the "roadmap" to mobilize resources for climate action. The text was drafted jointly with Azerbaijan, which led COP29. The main suggestion for reaching the target is to facilitate access by developing countries to private financing, especially from wealthy nations. This track could yield US$ 650 billion. Brazil and Azerbaijan also suggest adjustments to the Basel III rules an agreement implemented after the 2008 financial crisis to prevent turmoil. According to the authors, these rules have created rigidity that hampers financing, particularly for green infrastructure assets such as wind and solar farms.