This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration. A new tax on fossil fuel companies based in the world’s richest countries could raise hundreds of billions of dollars to help the most vulnerable nations cope with the escalating climate crisis, according to a report. The Climate Damages Tax report, published on Monday, calculates that an additional tax on fossil fuel majors based in the wealthiest Organization for Economic Co-operation and Development (OECD) countries could raise $720 billion by the end of the decade. The authors say a new extraction levy could boost the loss and damage fund to help vulnerable countries cope with the worst effects of climate breakdown that was agreed at the Cop28 summit in Dubai—a hard-won victory by developing countries that they hope will signal a commitment by developed, polluting nations to provide financial support for some of the destruction already under way. This tax would unlock “billions of funding for those at the sharp end of the climate crisis” and expedite a “transition away from fossil fuels.” David Hillman, the director of the Stamp Out Poverty campaign and co-author of the report, said it “demonstrates that the richest, most economically powerful countries, with the greatest historical responsibility for climate change, need look no further than their fossil fuel industries to collect tens of billions a year in extra income by taxing them far more rigorously.

BING NEWS:
  • Report: Since Paris, Banks Have Channeled $6.9 Trillion to Fossil Fuel Firms
    London-based Barclays was Europe’s biggest fossil fuel financier, with $24.2 billion, followed by Spain’s Santander at $14.5 billion and Germany’s Deutsche Bank with $13.4 billion. Overall, European ...
    05/13/2024 - 11:01 pm | View Link
  • Daily on Energy: Climate groups go after big banks for $705B to fossil fuels in 2023
    CLIMATE GROUPS TAKE AIM AT BANK LOANS TO FOSSIL FUEL COMPANIES: The world’s 60 largest banks committed $705 billion globally to fossil fuel companies in 2023, according to a new report from a number ...
    05/13/2024 - 11:13 am | View Link
  • World’s biggest banks ‘financed fossil fuels by £5.5tn since Paris Agreement’
    In a year with record climate ... for fossil fuel companies “sustainable”. The bank has pledged to invest one trillion dollars (£0.8 trillion) in sustainable and transition finance by 2030, including ...
    05/13/2024 - 6:16 am | View Link
  • Global banks back $706 billion in fossil fuels amid broader retreat on climate pledges
    The world’s largest banks extended some $706 billion of oil, gas and coal finance last year, according to the latest Banking on Climate Chaos report.
    05/12/2024 - 11:00 pm | View Link
  • Banks Back Fossil Fuels With $6.9 Trillion
    Financial institutions continue to bankroll climate change despite rapid increases in extreme weather events and their impacts.
    05/12/2024 - 10:05 pm | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Politics News