What's happened
A new report suggests that a fossil fuel tax on companies in the wealthiest nations could raise up to $720 billion by the end of the decade to tackle the climate crisis. The tax would be levied on fossil fuel extraction in countries like the US, UK, and Japan, with the funds aimed at decarbonizing the world and assisting those impacted by climate-related disasters.
Why it matters
The proposal for a fossil fuel tax in the wealthiest nations could provide a substantial financial boost to efforts to combat the climate crisis. By targeting fossil fuel companies in major polluting countries, the tax aims to generate significant funds for transitioning to greener energy sources and supporting vulnerable communities affected by climate change.
What the papers say
The report by Stamp Out Poverty and supported by various climate and aid organizations highlights the need for substantial financial resources to address the challenges posed by a warming planet. While some emphasize the importance of taxing fossil fuel companies to raise funds for climate action, others may have differing views on the feasibility and impact of such a tax.
How we got here
International efforts to raise climate finance have fallen short of the required amounts to address the impacts of a rapidly heating world. The proposal for a fossil fuel tax in the wealthiest nations aims to hold companies accountable for their historical contributions to pollution and generate funds to support climate action and vulnerable populations.
Common question
More on these topics
-
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City.
-
The Goldman Sachs Group, Inc., is an American multinational investment bank and financial services company headquartered in New York City.
-
The G20 is an international forum for the governments and central bank governors from 19 countries and the European Union. Founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability, the G20 has expande
-
Brazil, officially the Federative Republic of Brazil, is the largest country in both South America and Latin America. At 8.5 million square kilometers and with over 211 million people, Brazil is the world's fifth-largest country by area and the sixth most