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How do we raise trillions of dollars to fight the climate crisis? The answer is staring us in the face

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below

🗞️ Driving the news: The upcoming COP28 climate summit has a pivotal role following a summer of devastating climate events and profit increases by the oil and gas industry last year
• A proposed $25bn global windfall levy on these profits could redirect wealth from affluent petrostates to the impoverished global south, and offer a tangible solution to the global financial commitments towards climate mitigation

🔭 The context: The windfall levy, though a fraction of global oil and gas revenues, holds significant potential to address funding deficits in climate and development by channeling substantial resources towards enhancing renewable energy and climate resilience in impacted regions

🌍 Why it matters for the planet: Not using the big gains to help the neediest shows the unfairness in the world, and using this untapped money is crucial for fair and lasting global progress, requiring real commitment and shared responsibility to tackle the broad impacts of climate change

⏭️ What’s next: The COP28 summit is a decisive moment for invoking substantial climate actions and breaking financial deadlocks in climate commitments
• Its potential success is contingent upon public pressure and collaborative efforts, aiming to remediate long-standing imbalances in climate financing

💬 One quote: “World leaders must have the courage to call on the money that is there. Now” (Gordon Brown, former UK Prime Minister) 

📈 One stat: The $4tn accumulated by the oil and gas industry starkly contrasts with the unmet $100bn-a-year target for the global south, highlighting the urgent need for rectifying financial discrepancies in global climate initiatives

Click for more news covering the latest on sustainable finance

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