“The Global South must urgently adapt to the climate emergency so that it can protect its people from a crisis they did nothing to cause,” said Extinction Rebellion. “But it can’t do this while it remains heavily indebted.”
A week of direct action targeting the annual meetings of the International Monetary Fund and World Bank Group continued in Washington, D.C. on Thursday as protesters interrupted regularly scheduled summit business to demand the financial institutions cancel Global South debt and stop fueling the climate crisis now.
Members of Glasgow Actions Team and other groups drowned out a Thursday afternoon press conference by leaders from Group of 20 nations by shouting, banging makeshift drums, blowing airhorns and vuvuzelas, and generally rousing a racket. Continue reading →
One critic of the agreement said that “by settling for anything less than a 25% tax rate, the G7 is telling their citizens and the world that they’re willing to keep the race to the bottom alive and kicking.”
U.S. Treasury Secretary Janet Yellen at the World Bank 2021 Spring Meetings. Phpto: World Bank/flickr/CC
Representatives from seven of the world’s wealthiest nations reached an agreement on Saturday to support a global minimum tax rate of at least 15% for multinational companies, a move aimed at curbing the use of tax havens and ending the decades-long race to the bottom on corporate taxation.
The deal struck by the U.S., Japan, Germany, France, the U.K., Italy, and Canada still faces a long road to implementation, but Saturday’s development marks substantial progress toward a global accord that could allow governments to raise revenue from corporate giants notorious for shifting operations and profits overseas to avoid taxes. Continue reading →
New figures from the UN and the Stockholm International Peace Research Institute show that since the war in Yemen began, the US has sold over $13 billion in high-tech weapons to Saudi Arabia, making the Kingdom a cash cow for US weapons makers.
Despite presenting itself as a force for good and peace in the Middle East, the United States sells at least five times as much weaponry to Saudi Arabia than aid it donates to Yemen. The State Department constantlyportraysitself as a humanitarian superpower with the welfare of the Yemeni people as its highest priority, yet figures released from the United Nations and the Stockholm International Peace Research Institute (SIPRI) show that since the war in Yemen began, the U.S. government has given $2.56 billion in aid to the country, but sold over $13 billion in high-tech weapons to Saudi Arabia, the leader of the coalition prosecuting a relentless onslaught against the country.
Figures like these are always debatable. What constitutes legitimate “aid” is a question everyone would answer differently. Furthermore, the $13 billion figure does not include the enormous weapons deal Saudi Arabia signed with Donald Trump in 2017, which will reportedly see the Kingdom purchase $350 billion over ten years. Continue reading →
An aerial photograph of Baton Rouge, Louisiana after historic flooding destroyed much of the city, August 18, 2016. (Photo: Thomas Cizauskas/cc/flickr)
Warning that climate change amounts to the “mother of all risks,” three of the world’s biggest insurance companies this week are demanding that G20 countries stop bankrolling the fossil fuels industry.
Multi-national insurance giants Aviva, Aegon, and Amlin, which together manage $1.2tn in assets, released a statement Tuesday calling on the leaders of the world’s biggest economies to commit to ending coal, oil, and gas subsidies within four years. Continue reading →
“The world is in a deep hole with climate change, and the first thing to do in a hole is stop digging,” said Stephen Kretzmann of Oil Change International. (Photo: ribarnica/flickr/cc)
The world’s richest nations have failed to agree on a deadline to phase out fossil fuels subsidies—a commitment energy ministers made in 2009—stirring new fears over the impact of the hundreds of billions of taxpayer dollars that go toward keeping dirty energy afloat every year.
Energy ministers from the Group of 20 (G20) met in Beijing on Wednesday and Thursday to discuss bringing those subsidies to a close after the Group of 7 (G7), the world’s seven wealthiest economies, last month committed to eliminate “inefficient” fossil fuel handouts by 2025. A report published in 2015 by the climate group Oil Change International found that the combined G20 subsidies for oil, gas, and coal production amounts to roughly $444 billion a year. Continue reading →