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Taxing big fossil fuel firms ‘could raise $900bn in climate finance by 2030’

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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: A report advocates for a Climate Damages Tax on fossil fuel companies in wealthy countries, which could raise $720bn by 2030 for a new loss and damage fund aiding vulnerable nations impacted by climate change
• The tax would be set at $5 per tonne of CO2 equivalent, increasing by $5 each year

🔭 The context: This proposal comes as part of the COP28 agreement and highlights the need for wealthier countries with historical responsibility for climate change to help support those most affected
• The tax could be easily implemented through existing tax systems

🌍 Why it matters for the planet: The revenue would support a just transition for communities both in vulnerable countries and wealthier nations, fostering climate adaptation and accelerating a global shift away from fossil fuels

⏭️ What's next: The loss and damage fund board will meet in Abu Dhabi to discuss financing options, while the G7 is gathering in Turin to address global climate concerns

💬 One quote:  The richest, most economically powerful countries... 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," (David Hillman, Stamp Out Poverty)

📈 One stat: The proposed tax could raise $900bn globally by 2030, with $720bn going to the loss and damage fund and $180bn supporting national climate transitions

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