Taxing oil firms amplifies UN Climate Fund by twentyfold
Date
11/19/2024 6:33:02 AM
(MENAFN) A modest tax on the world’s greatest oil and gas firms might boost the UN climate loss and damage fund by over 2,000 percent, based on a Greenpeace International report published on Monday.
The study, created in collaboration with Stamp Out Poverty, proposes a Climate Damages Tax aimed at making polluters financially responsible for the impacts of extreme weather events.
The suggested levy would begin at USD5 per ton of CO2 emitted by oil and gas manufacturing and surge yearly. By 2030, the tariff might raise USD900 billion to help fund weak countries grappling with climate effects.
In the previous year, the seven featured firms, such as ExxonMobil, Shell, as well as BP, gained roughly USD150 billion combined.
“While oil and gas giants keep raking in grotesque levels of profit from exploiting resources, the damages resulting from the industry’s operations are disproportionately borne by people who did not cause the crisis,” stated David Hillman, head of the Stamp Out Poverty.
Greenpeace highlighted the moral urgency of the tariff, labelling it as a step toward climate justice.
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