The law on Financial Transaction Tax for Climate Action (FTTCA) was adopted on Wednesday by the Pan-African Parliament’s (PAP) Standing Committee on Rural Economy, Agriculture, Natural Resources, and the Environment and Committee on Monetary and Financial Affairs.
The text is intended to support African countries in their efforts to mitigate the adverse effects of climate change.
The document will be presented to the plenary session of the PAP, on the sidelines of the second ordinary session of the sixth legislature of the legislative institution, which is being held from 8 May to 2 June at the institution’s headquarters in Midrand.
In this context, the PAP committees have undertaken to encourage the regional and national parliaments of African countries, as well as their respective governments, to implement the FTTCA.
They also urged the countries of the European Union and the Organisation for Economic Co-operation and Development (OECD) to adopt the FTTCA, to fulfill their commitments to finance climate change adaptation solutions in African countries.
To this end, the committees shed light on the circumstances facing 20 million Africans, who suffer from climate-related disasters such as drought, famine, and environmental degradation, and who bear the brunt of the global impact of climate change.
The Pan-African Parliament is a consultative assembly of the African Union that brings together members of parliament from the member countries of the African Union.