March 11, 2010 / 9:41 AM / in 9 years

France repeats call for financial transaction tax

PARIS, March 11 (Reuters) - French President Nicolas Sarkozy repeated his support for a tax on financial transactions to support sustainable development, saying on Thursday he would push for the idea to be adopted by the Group of 20 countries.

Speaking at a conference on forestry in Paris, he said that new sources of funding would be needed for the $100 billion committed at the Copenhagen climate conference.

“Only innovative financing will allow us to meet this challenge,” he said in a speech. “I will take, with others, initiatives at the G20 to ensure a tax on financial transactions is rapidly adopted.”

More than 100 nations have endorsed a Copenhagen Accord, the main outcome of the December summit, which seeks to limit global warming to below 2 degrees Celsius (3.6 F) and foresees almost $30 billion in aid for developing nations from 2010-12, rising to $100 billion a year from 2020.

France will chair the G20 in 2011.

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