A tax on the fossil fuel industry could be used to protect the world’s most vulnerable people from climate change, according to a coalition of environmental groups. As global temperatures soar, devastating events like hurricanes and floods are becoming more frequent and destructive, but many affected are those least responsible for these phenomena. For years debate has gone back and forth about how best to reimburse those hit by these disasters, but there is still a need for a pot of money that can be accessed rapidly to aid their recovery. In a new report released at a major UN climate summit in Poland, a “climate damages tax” that could generate up to $300bn (£237bn) each year is suggested as a possible solution. Based on the “polluter pays” principle, fossil fuel corporations would be taxed for every tonne of coal, oil and gas they extract from the ground. This would make those spewing out climate-damaging emissions responsible for recovery costs until these dirty fuels are phased out altogether.
Independent 10th Dec 2018 read more »