Genesis Morocco: UN calls for countries to invest 2% of income in green economy

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Genesis Morocco

Project Genesis is a strategic sustainable development framework for Morocco to translate from being a net importer of energy and a country facing water shortage issues, into the number one producer both of clean renewable energy and water in the region.

Tuesday, February 22, 2011    <<Home

UN calls for countries to invest 2% of income in green economy

Personal Notes : This post should be entitled 'No I am not a Tax fan, but'. I will try to be concise and to the point, countries such as ours have a lean budget, although the Kingdom does manage to free funds for strategical investments, amongst those who come to mind the INDH, the Jorf Asfar port, the Tangiers platform and the renewable energy program.

Since it would be difficult to diverge 2% of our income, I would suggest that we increase the tax bracket. 

Who should be taxed ? Well thats the beauty of it, not nationals on the first phase since it would be incremented to the VAT targeted at the tourism industry.  The focus is on the fact that tourism as an activity has got an actual environmental footprint and that it should be covered.

Also, we can be looking at offsetting the carbon footprint of that activity through renewables, giving an enhanced meaning to being a green destination.

This renewables tax in the tourism sector is an exemple of what can be done in other sectors in order to dispose of an income that would allow us to make significant advances in the energy reconversion of Morocco and to sustain it on the long run.

This green tax levied on tourists visiting the country would be a contribution to the efforts the Kingdom is making to be a green country.  

It might be the first popular tax ever, if it succeeds here we can be sure it would be adopted by other destinations as a mean to fund their green policies.

 After all what we are aiming at by saying green Morocco is a country that not only protects its natural environment but is also an active member of the preservation of our planet.

Also its not the first time Im flirting with taxes, remember the eVATT ? It is a more advanced form of taxations since it includes nationals as well. Well this could be a first step in its implementation.

What else, Nespresso, what else ?

The United Nations Environment Program (UNEP) yesterday called for the world’s countries to invest 2% of their income in the green economy.

The report, Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication, says that investing 2% of worldwide GDP – around $1.3 trillion a year – would grow the global economy at the same or higher rate than most forecasts.

Countries currently spend between 1% and 2% of global GDP on a range of subsidies propping up unsustainable resources such as fossil fuels and continuing unsustainable practices in agriculture and fisheries.

Instead, investing around 1.25% of global GDP in energy efficiency and renewables could cut energy demand by 9% by 2020 and nearly 40% by 2050.

The investment in clean technologies could reduce the world population’s ecological footprint by nearly 50% by 2050, says the report, and save an average of $760 billion a year between 2010 and 2050 on capital and fuel costs.

While in the short term there would be job losses in some sectors, employment levels in the energy sector could grow by a fifth, as renewables take a 30% stake in the global energy market by 2050.
“The green economy as documented in UNEP’s report offers a focused and pragmatic assessment of how countries, communities and corporations have begun to make a transition towards a more sustainable pattern of consumption and production,” says UN Under-Secretary General and UNEP executive director Achim Steiner.

Governments around the world need to prioritise spending and procurement in green economic sectors and limit activities in areas that deplete natural resources, says the report. Consumers also need to be shifted towards greener lifestyles.

“A green economy is not about stifling growth and prosperity, it is about reconnecting with what is real wealth; re-investing in rather than just mining natural capital; and, favouring the many over the few,” says Pavan Sukhdev, head of UNEP’s green economy initiative and on secondment from Deutsche Bank.

The report was presented to over 100 countries at the opening of the UNEP Governing Council/Global Ministerial Environment Forum as part of the run up to the Rio+20 sustainable development conference in Brazil next year.

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