Climate Damages Tax proposal suggests a global fossil fuel extraction tax in OECD countries, raising $720bn by 2030 for climate development in vulnerable nations.
The Climate Damages Tax proposal suggests that a global tax on fossil fuel extraction in OECD countries, such as G7 members, could raise $720bn by 2030 to fund climate development and decarbonisation in vulnerable nations, with 80% of proceeds transferred to the Loss and Damage Fund and the remaining 20% used as a domestic dividend. The tax, initially set at $5/tonne of CO2, increases annually by $5.
April 29, 2024
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