Taxes to support a just transition
Survey results show that most respondents would be willing to pay higher income taxes to help lower-income households cope with the costs of the green transition (European Union: 59%; United Kingdom: 63%; United States: 67%; China: 90%; India: 89%; and Japan: 58%).
Most respondents also said they would be in favour of other kinds of climate-related measures. For example, 80% of respondents in the United Kingdom said they would favour a fossil fuel tax reform (European Union: 74%; United States: 78%; China: 94%; India: 92%; and Japan: 71%) to eliminate subsidies and tax breaks for the aviation sector and other industries that rely heavily on fossil fuels.
Comments from Laura Sabogal Reyes, Senior Policy Advisor, E3G Public Banks Programme:
“The insights of the 2023 EIB Climate Survey leave no doubt. The global green transition will not be successful without addressing economic and social inequalities head on. Public Development Banks must play a crucial role in ensuring that the transition to a more sustainable and inclusive future is equitable and just, leaving no one behind."
 Respondents had to select the three challenges they consider the biggest for their country from a shuffled list of ten challenges: Increased cost of living, unemployment, climate change, environmental degradation, political instability, income inequalities, access to healthcare, large-scale migrations, cyberattacks, and terrorism.
About the EIB Climate Survey
The European Investment Bank (EIB) has now completed the sixth annual EIB Climate Survey, a thorough assessment of how people feel about climate change. Conducted in partnership with the market research firm BVA, the sixth edition of the EIB Climate Survey aims to inform the broader debate on attitudes and expectations in terms of climate action. More than 30 000 respondents participated in the survey from 7 August to 4 September 2023, with a representative panel of people aged 15 and above for each of the 35 countries polled (EU 27, the United States, China, the United Kingdom, India, Japan, South Korea, Canada and UAE).
About the European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.
- In 2019, the EIB adopted an updated energy lending policy ending financing to any unabated fossil fuel energy projects, including natural gas. The EIB was the first multilateral development bank to do this.
- In 2021, the EIB also became the first multilateral development bank to align its financial activities with the Paris Agreement.
- Through its Climate Bank Roadmap, the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade 2021-2030.
- It also made a commitment to increase investment in climate action and environmental sustainability to more than 50% of its annual lending by 2025 (last year that goal was exceeded with a figure of 58%).
EIB Global is the EIB Group’s specialised arm dedicated to operations outside the European Union and is a key partner of the EU Global Gateway strategy. It aims to support at least €100 billion of investment by the end of 2027, around one-third of the overall target of the Global Gateway. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local communities, companies and institutions through its offices across the world.
About BVA Xsight
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