<
https://www.theguardian.com/environment/2024/apr/29/taxing-big-fossil-fuel-firms-raise-billions-climate-finance>
"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 Organisation for
Economic Co-operation and Development (OECD) countries could raise $720bn
(£580bn) 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.
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. This is surely the
fairest way to boost revenues for the loss and damage fund to ensure that it is
sufficiently financed as to be fit for purpose.”
The authors say the levy could be easily administered within existing tax
systems. They calculate that if the tax were introduced in OECD countries in
2024 at an initial rate of $5 a tonne of CO2 equivalent, increasing by $5 a
tonne each year, it would raise a total of $900bn by 2030.
Of that $720bn would go to the loss and damage fund with the remaining $180bn
earmarked as a “domestic dividend” to support communities within richer nations
with a just climate transition.
The report is backed by dozens of climate organisations worldwide including
Greenpeace, Stamp Out Poverty, Power Shift Africa and Christian Aid."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
