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Spain and Brazil advocate for new taxes on ultra-rich to boost climate finance
Spain and Brazil advocate for new taxes on ultra-rich to boost climate finance
Wealthy nations showed “lackluster ambition” to reform debt at a UN-convened conference on financing for sustainable development, observer NGOs have stated. But the summit did result in some innovative new commitments, including the formation of a new coalition keen to tax the ultra-rich.
Sarah George
Published 4th July 2025
World leaders, finance ministers and negotiators from 192 countries have spent three days in Seville, Spain, this week to negotiate new ways to close the $4trn annual financing gap to deliver the Sustainable Development Goals.
“This conference is not about charity. It’s about restoring justice and facilitating the ability of all people to live in dignity,” stated UN chief António Guterres as the fourth Financing for Development Summit began.
The US participated in the lead-up to the Summit but skipped out on the event itself, after the Trump Administration withdrew support for the UN’s sustainable development agenda earlier this year. It has stated that it has a mandate to put national interests above international interests.
The UN stated that the summit demonstrated “optimism for multilateralism” in the face of “massive headwinds” undermining international cooperation.
More:
https://www.edie.net/spain-and-brazil-advocate-for-new-taxes-on-ultra-rich-to-boost-climate-finance/