New Delhi, May 4 (KNN) CUTS International has reached out to the Union Finance Minister, Nirmala Sitharaman as part of its global campaign seeking support for a ‘Universal Financial Transactions Tax (FTT) for climate finance under its G20 Presidency.

CUTS International has launched an international initiative that advocates a Universal Financial Transactions Tax (FTT), to meet a part of the global climate finance requirements to be used for the Loss and Damage Fund set up at COP26.

“There has been no movement on the new Fund, when it was agreed that a Framework will be formulated by March, 2023,” said Pradeep S. Mehta, Secretary General, CUTS International.

“An all-encompassing, universal FTT has the potential to generate about USD 650 billion per year, and plug a sizable gap in the global climate finance requirements,” said Mehta.

As part of its global outreach, CUTS has also reached out to relevant stakeholders across the world, many of whom have lent their support to the campaign.

Recently CUTS organised a webinar on the theme ‘Universal Financial Transactions Tax for Climate Finance’ which witnessed participation of distinguished panelists, with a diverse range of views as they comprehensively examined the feasibility of a Universal FTT and the opportunities and challenges associated with it.

A global agreement on a Universal FTT could be a significant milestone in addressing the inadequacy of global climate finance and support the most vulnerable communities in overcoming the challenge of climate change, said CUTs International.  (KNN Bureau)