The Climate Damages Tax Report suggests that taxing large fossil fuel companies based in the world’s wealthiest countries could raise up to $900bn by 2030 for climate finance. The proposed tax, starting at $5 per tonne of CO2 equivalent in 2024 and increasing annually, could generate $720bn by 2030 for a loss and damage fund to help vulnerable countries cope with climate change impacts. The remaining $180bn would support a just climate transition within richer nations. The report, backed by several global climate organizations, argues that this tax could be easily implemented within existing tax systems.

Source: The Guardian