YOUNGO’s “Robin Hood Champion Awards” will be granted to nations who discuss, support, or negotiate for the Robin Hood Tax (Financial Transaction Tax) here at COP17. The award is congratulate and thank these parties for their foresightedness and commitment to equity. While equal in prestige to a Grammy or Nobel Peace Prize, the award comes with a congratulatory button and a Robin Hood Hat.
UN Parties have agreed that $100 billion annually must be mobilized by 2020 to support communities in developing nations adapt to and mitigate climate change. The Financial transaction tax (FTT) is a micro-tax of 0.01–0.05% levied on trade in stocks, foreign currency exchange and financial derivatives of which are transactions that occur rapidly and continuously, meaning that a huge amount could be raised, possibly up to $650 billion per year globally for climate finance and/or other international development uses. YOUNGO takes the stance that it is an essential way to fill the empty Green Climate Found. For more information about the FTT, visit http://robinhoodtax.org/
The December 7th Robin Hood Champion is…
A Tie! Congratulations France, Norway and South Africa!
Today officials from the diverse set of countries joining civil society leaders in a press conference to call for innovative sources of finance to be part of a deal in Durban which raises billions of dollars to help fill the Green Climate Fund. All three specifically highlighted the advantages of the Financial Transaction Tax.
Arvinn E. Gadgil from the Norwegian Ministry of Foreign Affairs gave a particularly passionate speech; stating it is “”very clear that the option of the FTT needs to stay on the table.”He compared the tax to a medicine which would solve a variety of ills, cause no side effects, and cost virtually nothing. “Think about it, take your own yearly salary, and try to figure out what .05% would mean. I did and it’s about the price of a coffee.”
The parties of COP17 recently tabled a draft decision that calls for long-term finance to be raised from innovative sources such as fuel levies to support developing countries as they work to fight poverty and climate change. But they could miss an opportunity to build on the momentum of the G20 summit in Cannes with the implementation of a Financial Transactions Tax, a maritime bunker levy and other such proposals.
The Secretary General of the Congress of South African Trade Unions, Zwelinzima Vavi, voiced a note of urgency for delivery of the money to help Africa adapt to climate change; “We cannot afford to fiddle around when home is burning. It is burning before our eyes.”
The December 5th Robin Hood Champion is…
Late Saturday evening in an informal group meeting, a member of the Bangladesh delegation stated that the global community needed clear pledges for public sources of finance while also finding new finance solutions, including the Financial Transaction Tax. Bangladesh’s Minister of the Environment accepted the award on Monday afternoon, reiterating the country’s commitment to pushing forward innovative financing plans for the hotly debated Green Climate Fund (GCF). YOUNGO hopes for further support from the Bangladesh delegation, specifically asking them to join the “Coalition of the Willing,” an informal group of countries supporting the Robin Hood Tax.
“Thank you to the young people who support us in working for the future,” stated Dr. Hasan Mahmud, the Minister for Environment and Forests of Bangladesh. “We need to find alternative funding for the [Green Climate Fund].”
This showing of support comes only five days after Dhaka stocks ended red amid volatile morning trading. Banladesh has not historically shown support for the tax, but this just morning the Bangladesh Daily Sun published an article by Abdullah A Dewan, Professor of Economics at Eastern Michigan University, stating that an FTT would “add additional cost to these players and dampen high frequency trading maneuvers” which could help in “maintaining some sanity and discipline in the market.”
And Little John Awards (for other nations who mentioned the tax):
THE EU – 12/03/2011
ECUADOR – 12/05/2011
The December 2nd Robin Hood Champion is…
South Africa gets the grand honor of the Robin Hood Champion Award today for two reasons. The first is because Mrs. Naledi Pandor, the Minister of Science and Technology of South Africa, made a supportive appearance at our Robin Hood Tax demonstration outside the COP17 International Conference Center. She took active participation by using our bow and arrow to symbolically “aim for a Robin Hood Tax” and shot a bulls-eye! Our second reason for honoring them is that South Africa itself has shot a bulls-eye by recently signing on to the “Coalition of the Wiling.” The coalition is a group of nations who officially support the Robin Hood Tax. We want to express our upmost gratitude for their leadership and encourage them to get other African nations “On target” with active FTT backing!
The November 30th Robin Hood Champion
Pakistan wins for making a big statement of support to our favorite funding mechanism this morning during the negotiator’s informal group meeting on finance: “One of the biggest sources of innovative finance is going to be from an FTT—we must be open to this possibility.” The Pakistani delegate also stated: “At the UNFCCC we think the primary sources must be public. We have to agree on this one single element. There must be an openness of Parties to look at all sources with flexibility and openness.”