Noting ‘Trillions Within Reach,’ Campaigners Demand Justice at UN's Global Tax Treaty Talks

As world governments meet at the United Nations for another round of negotiations on a first-of-its-kind "Global Tax Treaty," economic justice campaigners are urging them to think big or risk leaving on the table trillions of dollars that could help alleviate global inequality and the climate crisis.

The fifth round of negotiations for the treaty began in New York on Monday, with countries ironing out its language line by line as they seek a global framework to more fairly tax the rich and multinational corporations and crack down on tax avoidance.

Jenny Ricks, the general secretary of the Fight Inequality Alliance—a global coalition of anti-inequality groups—said the framework, which was first conceived in 2022 at the urging of poorer nations in Africa, "aims to make global tax governance more inclusive, transparent, and equitable, shifting it away from the Organization for Economic Cooperation and Development (OECD) and giving the global majority a genuine say in rules that have long been set by wealthy states."

The first drafts of the proposed tax convention were released in late July in advance of this month's negotiations. Advocates at Greenpeace International, however, argue that they contain many gaps that fail to adequately tax fossil fuel companies driving the climate crisis or other multinational corporations and extremely wealthy individuals.

In a briefing document released to media organizations, Greenpeace argued that the text lacks clear language linking taxation to sustainable development, despite it being demanded by 24 countries, and that it lacks provisions requiring polluters to bear the public cost of environmental damage.

The group also criticized the weakening of an article covering taxes on high-net-worth individuals, the lack of a minimum tax on multinational profits, and the absence of specific rules for taxing extractive industries such as oil, gas, and mining.

The oil and gas industry, the group pointed out, is in the midst of a boom, with companies reporting record profits as President Donald Trump's war against Iran drives global oil prices higher.

"The money is right there," said Nina Stros, Greenpeace International's global senior policy expert. "It is about time governments recognized this once-in-a-generation opportunity to make those most responsible for the climate, nature, and inequality crises we are facing pay their share, and reclaim trillions of dollars to invest in our shared future.”

An open letter from Tax and Fiscal Justice Asia, a group of over 50 civil society organizations across 13 Asian countries, emphasized many of the same concerns that the conference could end up merely affirming broad principles without creating concrete rules.

They said representatives of Asian nations at the negotiating table needed to push for a shift in taxing power away from wealthy countries where corporate headquarters are located and toward poorer ones where much of the workforce and resources are concentrated. They also argued for a move away from regressive consumption taxes that disproportionately fall on lower-income people.

"The majority of states in Asia were among the 125 states that voted in November 2023 to adopt a resolution for a UN Framework Convention on International Tax Cooperation (UNFCITC)," the letter said. "The vote has brought forth a historic opportunity to leave behind unjust systems and build a new global tax architecture."