Opinion and reporting by Mathew Carr
June 29, 2025–America is not paying its fair share for climate action and its companies are not paying a fair share of tax to countries in which they operate.
That could be about to change (now President Trump has his NATO military spending deal).
The G7 and US senate has apparently agreed a separate deal where American companies will pay fairer (?) minimum tax, preventing a terrifying return to an era where giant global corporations play countries off against each other to pay low tax rates.
Right now, global corporations /billionaires are screwing ordinary human taxpayers by avoiding and evading tax — because the system is so bad.
A fairer global tax and trade system will stoke trust in climate negotiations….because the US has been taking the piss on a few levels….especially in its exploitation of African nations.
A compromise has apparently been struck on taxes…. labeled a “side by side” system, the G7 said Saturday.
https://www.canada.ca/en/department-finance/news/2025/06/g7-statement-on-global-minimum-taxes.html
“Delivery of a side-by-side system will facilitate further progress to stabilize the international tax system, including a constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries.”
I hope it’s no coincidence this is happening ahead of a BRICS summit July 6.
I say this because BRICS + G7 = G20…approximately.
BRICS Key Themes & Agenda
ChatGPT: Brazil’s 2025 G20 chairmanship carries the motto “Inclusive and Sustainable Global South” . Major priority areas include:
Global South cooperation – strengthening ties among developing nations .
Trade & investment – standard-setting, currency diversification, pushing alternatives to the US dollar .
AI governance – establishing ethical frameworks for emerging technologies .
Climate finance – coordinating positions ahead of COP30 later this year.
Health, water, tourism, satellite systems – follow-up from India’s 2024 chairship .
Agenda highlights:
Reduce reliance on the US dollar—national currencies now account for over 65% of intra‑BRICS trade; goal to deepen this trend .
Expand BRICS+ dialogue: Vietnam now partner country; potential further expansion with Indonesia, Nigeria, Algeria, and others .
Attendees?
Also next week, the G20 plans to publish details of a GHG system that might help stoke global carbon markets under the UNFCCC.
There may initially be more than one market …to ease emerging nations into higher carbon prices.
This from an exclusive G20 email reply, received by CarrZee on Friday:
————
“Thank you for your enquiry regarding the G20 Sustainable Finance Working Group’s (SFWG) agenda.
“As noted in previous communications, the draft documents for public consultation related to the development of a Common Carbon Data Model have been reviewed by members during their last meeting in the first weeks of June.
“Due to the extensive technical review and the need to incorporate a first set of broad stakeholder feedback, the release of the public consultation is scheduled for next week. All relevant documents will be made publicly available at that time.
“To clarify, there is for now no delay due to any external political pressure or geo-political factors. Stay tuned to the G20 SFWG website (https://g20sfwg.org/), which will provide the link directing you to the consultation.
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(Well ….delay or no delay ….no one can accuse the g20 of rushing climate action)
This is what the G20 is looking at.
See this from a G20sustainable finance working group (SFWG) report from January:
The G20 SFWG will release a draft deliverable for public consultation following approval of consultation documents in the first weeks of June 2025 by the SFWG.
The group will then deliver the consultation outcomes and proposed amendments in time for the fourth SFWG meeting in September.
The SFWG will draw on the existing practices and initiatives focused on carbon credit data, including its collection, storage, and transmission to achieve a publicly beneficial outcome with broad-based support.
Deliverable A
Common Carbon Credit Data Model which will guide how standardised data attributes are defined, recorded, reported, and incorporated into existing market infrastructures across jurisdictions.
It will serve as a globally recognised reference point, enhancing the transparency, comparability, and interoperability of carbon credit data across different markets.
By connecting different carbon markets, reducing fragmentation, and enhancing capital flows, it will support EMDEs (emerging markets and developing economies) in attracting crossborder climate finance.
The model will reflect inputs gathered from technical expert working groups and a public consultation. It will be published alongside supporting voluntary guidance detailing the principles and approach taken.
Hopefully it is no coincidence that Brazil is hosting BRICS and UNFCCC flagship events …as we enter into a “hot commie summer”.
South Africa took over from Brazil, which chaired the G20 in 2024. The next G20 host (for 2026) will be the United States.
Imagine Trump levels next year, as he leads the G20!
