The world’s top oil exporters were urged to consider imposing a small carbon tax on oil, a move that is seen as a way to break an impasse at the UN climate talks next week. Ecuador had led the initiative to ask the Organisation of Petroleum Exporting Countries (OPEC) for the levying of a 3 to 5 per cent tax on every barrel of oil exported to rich nations. The tax, which could raise $40 to $60 billion a year, would be used to finance the green climate fund to help poorer countries cope with climate change. The proposal is set to be discussed further by the OPEC countries at the UN climate negotiations in Doha on Monday.
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