UN panel: New taxes needed for a climate fund

(AP) -- British economist Nicholas Stern says a U.N. economic panel is discussing carbon taxes, add-ons to international air fares and a levy on cross-border money transfers as ways to raise $100 billion a year to fight climate change.

Stern has told international climate negotiators that governments will need to create incentives for private investments in industries emitting few greenhouse gases.

The Copenhagen climate summit in December determined that $100 billion is needed every year starting in 2020 to help poor countries adapt to climate change and reduce carbon emissions.

Stern hopes that will lead to a new industrial revolution.

He told a U.N. climate conference Thursday a final report analyzing new revenue sources should be ready by October.

©2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.