Renewable Energy a Reality, If Tax Evasion is Stopped

September 6, 2016 International Tax Cooperation

AMSTERDAM – All of Africa, Latin America, and parts of Asia could enjoy renewable energy, if governments around the world could combat tax avoidance.

The results of new research published late last week by the independent think tank Friends of the Earth International suggest that tackling global tax avoidance could fund a transition to renewable energy around the world.

The researchers suggested that currently government’s around the world are missing out on USD 600 billion worth of taxes due to international tax avoidance, with even further funds lost each year due to tax avoidance.

Conversely the cost of powering all of Africa, Latin America, and significant portions of Africa with completely renewable energy would only be approximately USD 507 billion per year.

It was noted that the next 10 to 15 years will be a pivotal time in the world to take the steps needed to prevent “the most dangerous effects of climate change”, and steps should be taken as soon as possible by governments to encourage the use of renewable energy.

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