COP17: Robin Hoods take on the 1% Bankers

[tabatha]

LLOYD GEDYE - Dec 07 2011 21:00

Billed as the World Congress of the Parties (COP), members of a global civil society hosted a soccer match on Wednesday outside COP17 that saw the Robin Hoods take on the 1% Bankers. The football match was a protest aimed at drawing attention to the call for developed nations to provide funds for the green climate fund.

The green climate fund, as envisioned in the UN climate change negotiations, is a $US100-billion trust that would be contributed to by developed nations and the private sector to help fund renewable energy projects in developing countries. However it is is still not clear if the governance and funding models for the green climate fund will be agreed at COP17.

The protesters are calling for a financial transaction tax as a way to ensure developed countries meet their climate debt. The financial transaction tax, which has also been dubbed the "Robin Hood tax", proposes a 0.05% tax on all financial market transactions of stocks, bonds, currency and derivatives. At the G20 last month leaders from France, Germany, Spain, Brazil, Argentina, South Africa and Ethiopia backed using a financial transactions tax.

http://mg.co.za/article/2011-12-07-cop17-robin-hoods-take-on-the-1-bankers

[guardian]

1. I predict

that COP17 will as successful as COP16 and COP15.