Ruto Proposes New Carbon Tax at Climate Summit to Make Polluters Pay
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President Ruto proposed a new carbon tax at the COP28 climate summit to make polluters pay for emissions and raise funds for climate action.
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The tax could be levied on fossil fuel companies and heavy emitters, who may pass costs to consumers through higher fuel and travel prices.
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The tax aims to discourage emissions while generating revenue to finance emissions reductions and climate adaptation.
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Ruto also advocates for tightening oversight of the global carbon credits market to ensure integrity and prevent exploitation.
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If implemented more widely, carbon taxes and trading could provide major new funding streams to tackle the climate crisis.