Peru’s Foreign Minister Jose Antonio Garcia Belaunde proposed to create a global fund to fight climate change at a tax rate of US$ 0.5 per barrel of oil at the annual high-level debate of the United Nations General Assembly.
According to Garcia Belaunde, this financial mechanism will support mitigation and adaptation to climate change impacts in developing countries.
This rate would be applied to meet the responsibilities throughout the entire oil production chain, including extraction, refining, and its direct and indirect uses.
Peru is being dramatically affected by the global warming effects, witnessing a rapid retreat of its tropical glaciers. There is a concern about the plans to provide enough water for its population.
It is essential to establish specific objectives on cooperation and technology transfer, and funds to develop projects that will alleviate adverse effects of climate change.