‘Tax the bad’ to raise climate finance

More action: Students wearing face masks as they head to their school amid heavy smog conditions in Lahore, Pakistan. Higher carbon taxes – including levies on emissions from the maritime and aviation sectors – should be among options for COP28. — AFP

Dubai: Increasing taxes on polluting activities and cutting fossil fuel subsidies may generate trillions of dollars to tackle climate change, according to an advisory panel to the COP28 talks here.

Summit host the United Arab Emirates (UAE), a major oil producer, has said the two-week meeting starting today must deliver “tangible action” on climate funding, which has been squeezed by rising debt burdens, faltering political will and patchy efforts by private finance.