"Global Carbon Tax Debated by World Leaders at World Economic Forum"

During a panel at the World Economic Forum, Singapore President Tharman Shanmugaratnam called for a global carbon tax as a solution to climate change, emphasizing the need for a coordinated system of carbon taxes, subsidies for vulnerable households, and funding for developing countries. Saudi Arabia's finance minister expressed agreement with the need for solutions to address climate change but highlighted challenges in implementing a carbon tax and redirecting funds to low-income countries. Germany's finance minister suggested a carbon market as an alternative to a carbon tax, proposing that countries could invest in renewable energy production in developing countries as part of emissions compensation.