Correa Proposes More Taxes on Oil

President Rafael Correa proposed to OPEP the application of a new tax in order to fight for the “sustainability of the planet.”

“Applying a tax on emissions sources, it would be achieve economic and climate justice because oil consumers will pay more for the emissions that they will produce,” says the head of state.

According to Correa, applying a rate of 5% in oil exports, it could be generate an annual fund of 40,000 million dollars, which could go to a global fund to mitigate the effects of global warming or to support actions as the draft Yasuní Itt.

The President explain that the OPEP action would achieve the objective of the Kyoto Protocol, generating that CO2 emitters bear the effects of their actions, and pay for the pollution that they generate.

Source: El Universo