The recently published Climate Damages Tax report shows that a tax on fossil fuel companies could raise $720 billion by the end of the decade. Focused on companies located in wealthy (OECD) member countries, such a tax could be used to boost the reserves of the loss and damage fund established at COP28 and provide financial support for developing countries. The report has been met with approval from climate and advocacy organisations including Power Shift Africa and Greenpeace UK. Joint director at Greenpeace UK Areeba Hamid spoke with The Guardian about the potential implications of the tax: “A climate damages tax would be a powerful tool to help achieve both aims: unlocking hundreds of billions of funding for those at the sharp end of the climate crisis while helping accelerate a rapid and just transition away from fossil fuels around the world.”
