5. Equitable tax on carbon emissions
Instead of the regime of tradable emission quotas we demand an equitable tax on carbon emissions. Revenues from this carbon tax should be returned equitably to people, and a portion should be used to compensate and contribute to finance adaptation and mitigation.
This is, however, not a substitute for repayment of already accumulated climate debt. This compensation and funding should be unconditional and free of market mechanisms and financial institutions. Reduction of emissions must be strongly encouraged by a briskly increasing, transparent carbon tax, in addition to direct regulations to drive the phase-out of fossil fuels, while enabling safe, clean and renewable energy.