IFMSA supports preventing climate change and apreparing for its cathastrophic health impacts, and one of the best ways to do so is supporting economic developing countries.
The financial transaction tax (FTT) is a micro-tax (0.01%- 0.05%) on each trade of stocks, derivatives, currency, and other financial instruments. It has two benefits: raising huge amounts of revenue and discouraging high-frequency trading that has little social value but poses big risks to the economy
The youth Finance Working Group in COP17 is lobbying for the Financial Transations Tax to be accepted worl wide as an strategy to get the 100$ billion anual agreed on COP16 (Cancun) for the Green Climate Fund (GCF), which aims is to support developing countries to mitigate and adapt to climate change. I may have an additional benefit to control speculative economic model.
YOUNGO strongly favours the endowment of the Green Climate Fund with a legal personality in order to ensure that the Fund has the legal capacity to undertake its functions effectively. This is particularly necessary so that the Fund can enter into contracts to implement direct access to the Fund without the involvement of the trustee. Yet, paragraph 7 and 8 of the Annex of the Transitional Committee’s report to COP lacks specification as to the method and a time-line for determining the desired juridical status of the Fund. Therefore, we ask the COP to clarify these issues.
The working group, on behalf of the YOUNGO, considers prioritary to get the funds for the GCF limmiting private donations. While part of the industry is strongly opposed to this tax, it offers a very attractive mechanism for raising revenue that is arguably efficiency-enhancing. Finance working group considers extremely important to get the funds for the GCF in a transparent way where corruption will be not possible in any way and that assures funds to arrive where it is needed and in the way it is needed.
A supportive action called The “Robin Hood Awards” will be done on December the 1st, leaded by one of the UKYCC delegates. The name comes from the unofficial name of this tax: the Robin Hood Tax. The aim of this Robin Hood action is to support these parties that are calling this tax to be succesfull, such as Pakistan. A person wearing a Robin Hood hat will represent the FTT and will be filling the GCF bag by shooting the targets, such as stock exchange.
We as medical student and, leaders of today’s and tomorrow’s societies have the must of advocating for all these developing communities to get the funds they need and, pushing developed countries to share with those in need to face devastating effects of climate change.
on behalf of the COP17 team