MercoPress. South Atlantic News Agency

Lula says little has been done regarding Paris Agreement

A minimum tax on multinational corporations and the taxation of the wealth of the super-rich can generate valuable resources for climate action,” Lula insisted

Brazilian President Luiz Inácio Lula da Silva voiced concern about the climate crisis and urged world leaders to strengthen their commitment to the Paris Agreement. He made those remarks during the last thematic session of the Climate Summit in Belém on Friday.

“The world is still far from achieving the Paris Agreement's goal. The agreement is based on the understanding that each country will do its best to prevent global warming from reaching 1.5°C. The question we must ask ourselves today is: are we really doing our best? The answer is: not yet,” Lula insisted as the understanding is celebrating its 10th anniversary.

Lula noted that Latin America, Asia, and Africa are the regions most at risk of becoming uninhabitable in the coming decades, including the possible disappearance of islands in the Caribbean and the Pacific due to rising sea levels caused by melting glaciers. “To remain silent is to sentence once again those who are already condemned on Earth,” he said.

The president further noted the need to revitalize the goals of the Paris Agreement through Nationally Determined Contributions, or NDCs. “One hundred countries, representing almost 73% of global emissions, have submitted their Nationally Determined Contributions. For the most part, the new NDCs have made progress by covering all economic sectors and all greenhouse gases. But the planet is still heading for a warming of around 2.5°C. As far as Brazil is concerned, Belém will be the place where we renew our commitment to the Paris Agreement,” he underlined.

Lula also pointed out that it was vital not only to implement what has already been agreed, but also to “take additional measures capable of bridging the gap between rhetoric and reality.”

Additionally, he underscored that Brazil would propose that the COP in the Amazon recognize the role of indigenous territories and traditional communities, and protection policies, as climate mitigation tools.

On the subject of financing, Lula cited the Baku-Belém Roadmap, which proposes alternatives to reach the goal of US$1.3 trillion per year for mitigation and adaptation to the catastrophic consequences of global temperature changes. “Today, only a small portion of climate financing reaches the developing world. Most resources are still offered in the form of loans. It makes no ethical or practical sense to demand that developing countries pay interest to combat global warming and deal with its effects. This represents reverse financing, flowing from the global South to the North,” he argued.

The South American leader defended instruments for exchanging countries' debt for climate action and pointed out that tackling climate change should be seen as an investment, not an expense.

Recalling that most of the world's wealth generated in the last four decades has been appropriated by individuals and companies, while national budgets have shrunk, Lula defended the taxation of large fortunes. “According to Oxfam, individuals belonging to the richest 0.1% of the planet emit more carbon in a single day than the poorest 50% of the world's population do in an entire year. It is legitimate to demand a greater contribution from these people. A minimum tax on multinational corporations and the taxation of the wealth of the super-rich can generate valuable resources for climate action,” he added. Carbon markets could also become a source of public revenue, Lula suggested, but they would still depend on a larger scale if countries adopt common parameters.

Lula also returned to defending the creation of a Climate Council within the United Nations (UN) and concluded by making an emphatic defense of multilateralism for the solution to global warming. “I call on all of you. There is no solution for the planet outside of multilateralism. The Earth is unique, humanity is one, so the answer must come from everyone for everyone. Instead of abandoning hope, we can build a new era of prosperity and equality together.”

The Climate Summit brought together leaders from different countries in a program that precedes the 30th United Nations Climate Change Conference (COP30), to be held from November 10 to 21, also in the capital of Pará. The goal is to update and reinforce multilateral commitments to address the urgency of the climate crisis. (Source: Agencia Brasil)