In a collaborative effort, the Pan-African Parliament (PAP) Permanent Committee on Rural Economy, Agriculture, Natural Resources and Environment, and the Committee on Monetary and Financial Affairs have unanimously agreed to support the European Parliament's Financial Transaction Tax on Climate Action (FTTCA) law.
Their resolution further calls upon member countries of the European Union to adopt this tax. Importantly, the Committees have resolved to support the European Parliament on condition that the funds collected will benefit African countries in their efforts to mitigate the effects of climate change.
The PAP Committees have also committed to encouraging Regional and National Parliaments in Africa, as well as their respective governments, to join in advocating for the FTTCA. The resolution, to be presented to the PAP Plenary for adoption, provides for PAP to urge the Organisation for Economic Co-operation and Development (OECD) countries to follow suit and adopt the FTTCA, with a view to fulfil their commitment to funding climate change solutions in African countries.
These resolutions stem from the Committees' acknowledgment of the dire circumstances faced by 20 million Africans, who suffer from climate-related catastrophes like drought, famine, and environmental degradation. Moreover, they recognise the global impact of climate change, with Africa bearing the brunt of its consequences. The Committees are also mindful of the "loss and damages" fund established by the Conference of the Parties 27 to aid the most affected countries by climate change.
Loss and damage refers to the negative consequences that arise from the unavoidable risks of climate change, like rising sea levels, prolonged heatwaves, desertification, the acidification of the sea and extreme events, such as bushfires, species extinction and crop failures.
These resolutions reiterate the recent call made by H.E Dr. William Ruto, President of the Republic of Kenya, during the Third Pan-African Parliamentarians Summit on Climate Policy and Equity hosted by the PAP.
The urgent need for financial resources to expedite the economic development of all African nations in combatting climate change was emphasized by President Ruto. The forthcoming Plenary of the Pan-African Parliamentarians will review these resolutions, seeking broader support and action on this vital matter.
