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A truly ambitious revised ETD should have taxed the greener energies at a lower or at zero level, while taxing carbon rich energies at a higher rate.

Without the elimination of fossil fuel subsidies from our economies, it will be impossible to reach the agreed climate targets at global level and ensure a decent future for the planet and humankind in the next decades. The recent COP28 climate summit recognised the need to transition away from fossil fuels, and the phasing out inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible.

We are in the midst of a climate crisis, with the effects of rising temperatures – due to climate change – now making themselves known everywhere. At the same time, we are facing a major biodiversity crisis, which hugely impacts the marine environment and the functioning of the ocean as a climate regulator. On top of these major crises, with the ongoing war in Ukraine, we also face an unprecedented energy challenge.