Kenya, alongside France and Barbados co-chaired the first official meeting of governments out to raise additional finance for climate initiatives.
President Ruto, President Macron, and Prime Minister Mottley established the International Tax Taskforce at COP28, to mobilise finance for equitable climate justice.
The task force which met on Wednesday in Washington DC is targeting to raise $2.4 trillion (close to Sh312 trillion) annually in new climate levies on private air travel, financial transactions, and maritime fuel in efforts to avert the negative effects of climate change.
The members endorsed a two-year work plan to ensure the most polluting industries and people contribute to financing the fight against climate change.
Some tax categories earmarked include a fossil fuel levy or carbon damages tax to be imposed on fossil fuel producers, which could raise $210 billion annually.
A windfall fossil fuel profits levied on unexpected fossil fuel profits during periods of exceptional price increases is also under consideration.
The committee members are also exploring a phase-out of the fossil fuel subsidy aiming to divert the existing subsidies to a global loss and damage fund. The lead counties estimate this could generate up to $43.91 billion annually towards closing the climate-funding gap.
Other tax measures include a financial transactions tax to either be administered globally or confined to developed economies, which would contribute $418.8 billion annually, and a private air passenger levy aiming to raise about $150 billion.
They also propose a maritime fuel levy for using fossil fuels in shipping estimating this would bring in $80 billion annually.
Ali Mohamed, Climate Change Envoy for Kenya and Sherpa to the task force said that the task force is keen to find practical solutions that raise much-needed financing to tackle climate change while having minimal impact on ordinary people.
"The goal is to develop innovative sources of financing that can be implemented by any country that wants to make a difference”.
Laurence Tubiana, CEO of the European Climate Foundation and the architect of the Paris Climate Agreement, said that finding new ways to raise the billions needed to fight climate change effectively and equitably is a huge, but necessary task.
"We’re inviting nations across the world, as well as stakeholders and experts, to engage with and input into our research”.
The other members of the International Tax Task Force include Antigua & Barbuda, Spain, the Marshall Islands, and Ireland. The European Commission, IMF, and the United Nations are observers.
