British taxpayers could pay an extra £600 per year in green taxes to help poor countries cope with the floods and droughts caused by climate change, Lord Stern has suggested.
The economist said the UK would have to contribute around £1.5 billion from 2020 to a new ‘green fund’, that is expected to be set up during global talks on climate change in Cancun this week.
The Treasury is unlikely to set up new mechanisms to raise such a small amount of cash.
Therefore it is better to raise ten times as much and use just ten per cent for the green fund. The rest can be used as the Government sees fit.'
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