New Report Proposes Tax on Fossil Fuel Giants to Fund Climate Crisis Response

[Social Media]

 

A groundbreaking report suggests that implementing a tax on fossil fuel companies headquartered in the wealthiest nations could generate significant revenue to assist the most vulnerable countries in addressing the escalating climate crisis.

 

Published on Monday, the Climate Damages Tax report outlines how levying an additional tax on fossil fuel majors based in the OECD countries could yield an estimated $720 billion by 2030. This substantial sum could contribute to the loss and damage fund established at the Cop28 summit in Dubai, a crucial resource for vulnerable nations grappling with the devastating impacts of climate change.

 

David Hillman, co-author of the report and director of the Stamp Out Poverty campaign, emphasizes that such a tax represents a fair and feasible means of funding the loss and damage fund. He asserts that affluent nations, historically responsible for climate change, should hold their fossil fuel industries accountable by imposing more rigorous taxation.

 

The proposed levy, the authors suggest, could be seamlessly integrated into existing tax frameworks. Beginning at $5 per tonne of CO2 equivalent in 2024 and increasing by $5 annually, the tax could amass a total of $900 billion by 2030. Of this sum, $720 billion would bolster the loss and damage fund, with the remaining $180 billion designated for a "domestic dividend" to support communities within wealthier nations during a just transition to a climate-resilient future.

 

Endorsed by numerous climate organizations worldwide, including Greenpeace, Stamp Out Poverty, Power Shift Africa, and Christian Aid, the report underscores the urgent need for global action to hold the fossil fuel industry accountable.

 

Areeba Hamid, joint director at Greenpeace UK, asserts that governments must no longer allow ordinary citizens to bear the financial burden of the climate crisis while oil executives reap enormous profits. She advocates for robust global leadership to compel the fossil fuel industry to cease extraction and assume responsibility for the damages inflicted by their operations.

 

Highlighting the devastating consequences of the climate emergency, from droughts in Africa to floods in Pakistan and Afghanistan, Hamid stresses the urgency of addressing the crisis. She underscores the disproportionate impact of climate change on communities least responsible for its onset, emphasizing the need for accountability within the fossil fuel sector.

 

The report's release coincides with the inaugural meeting of the loss and damage fund board in Abu Dhabi and the G7 climate, energy, and environment meeting in Turin, Italy. The proposal holds promise for mobilizing substantial resources to mitigate the impacts of climate change and accelerate the transition away from fossil fuels, signaling a critical step towards a sustainable future.

 

2024-04-30

 

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[Tug]

Unfortunately that just means energy will be more expensive for consumers those fat cats will just pass it on to us

[Danderman123]

A nothingburger.

[stevenl]

First remove the fossil subsidies.

[thaibeachlovers]

On 4/30/2024 at 9:41 AM, Social Media said:

A groundbreaking report suggests that implementing a tax on fossil fuel companies headquartered in the wealthiest nations could generate significant revenue to assist the most vulnerable countries in addressing the escalating climate crisis.

In other words, the report authors want to take first world money and give it to third world <deleted> <deleted> countries that have managed to destroy their environments, overpopulate themselves, and are IMO usually extremely corrupt. Perhaps they could ask the so called "leaders" of those countries to give some of the immense fortunes they have stolen to help their own countries, before demanding western nations waste even more money on them.

 

Anyway, just who is going to tax those companies, and send the money to those countries? Not the UN I hope.

 

Even if it happened, all that will eventuate is that the affected companies pack up the photocopier and move to another country that won't tax them.

[thaibeachlovers]

14 hours ago, stevenl said:

First remove the fossil subsidies.

I agree with that, but I don't drive much anymore so the resulting price hikes won't affect me too much.

[thaibeachlovers]

14 hours ago, Danderman123 said:

A nothingburger.

Some explanation might be in order, or are you just trying to increase your post count?

[thaibeachlovers]

On 4/30/2024 at 9:41 AM, Social Media said:

The proposed levy, the authors suggest, could be seamlessly integrated into existing tax frameworks. Beginning at $5 per tonne of CO2 equivalent in 2024 and increasing by $5 annually, the tax could amass a total of $900 billion by 2030. Of this sum, $720 billion would bolster the loss and damage fund, with the remaining $180 billion designated for a "domestic dividend" to support communities within wealthier nations during a just transition to a climate-resilient future.

Just the usual not much to say dressed up with some big words. Just what does " "domestic dividend" to support communities within wealthier nations during a just transition to a climate-resilient future." even mean, and why do they deserve $180 billion, and who comprises the intended "communities", and who decides which communities to give other people's money to?

[thaibeachlovers]

On 4/30/2024 at 9:41 AM, Social Media said:

Endorsed by numerous climate organizations worldwide, including Greenpeace, Stamp Out Poverty, Power Shift Africa, and Christian Aid, the report underscores the urgent need for global action to hold the fossil fuel industry accountable.

Accountable for what exactly? Yes, the industry has behaved very badly in places like Nigeria, and it's a crime that they have not been forced to clean up their mess, but I suspect that's not what they are talking about.

 

Greenpeace, Stamp Out Poverty, Power Shift Africa, and Christian Aid

The names say it all. I vaguely remember when Greenpeace was a respected environmental  organisation, but that was long ago.

 

[thaibeachlovers]

On 4/30/2024 at 9:41 AM, Social Media said:

Highlighting the devastating consequences of the climate emergency, from droughts in Africa to floods in Pakistan and Afghanistan, Hamid stresses the urgency of addressing the crisis. She underscores the disproportionate impact of climate change on communities least responsible for its onset, emphasizing the need for accountability within the fossil fuel sector.

Soooo, why are the effects of a changing climate the responsibility of the fossil fuel sector? That would be contingent on whether one can prove that that industry actually caused the climate change, or if the change would have happened anyway.

 

If a community is suffering from the effects of climate change, that, IMO, is down to those communities behaving badly- usually by overpopulating their environment, destruction of rain forests, destructive mining, and bad farming practices etc.

[thaibeachlovers]

On 4/30/2024 at 9:41 AM, Social Media said:

David Hillman, co-author of the report and director of the Stamp Out Poverty campaign, emphasizes that such a tax represents a fair and feasible means of funding the loss and damage fund. He asserts that affluent nations, historically responsible for climate change, should hold their fossil fuel industries accountable by imposing more rigorous taxation.

Given that any taxation costs will be passed on to the consumer, he wants the western fuel users to support countries that have behaved environmentally badly. As usual, that would affect the poorest citizens in western countries the most. Why should they pay because some far away country won't control it's environmental destruction?

 

Any time I think of it, I thank those fossil fuel industries for giving me a wonderful life, made possible by fossil fuel, and I hate that certain luvvies want to take it away from me. They wouldn't be able to even rant on about it if not for fossil fuel- ungrateful sods.

[ExpatOilWorker]

More tax to solve an unsolvable problem.

[thaibeachlovers]

5 minutes ago, ExpatOilWorker said:

More tax to solve an unsolvable problem.

IMO the biggest con in the whole scam is that if we pay enough taxes or drive an EV we can change the weather ( climate ) to something else, which is a nonsense. If, and I say if, CO2 is in fact the driver of climate change the CO2 is not going away ergo climate change is going to continue, no matter how much tax we pay.

 

IMO climate change is occurring, but there is absolutely nothing we can do about it except adapt to it.

[BritManToo]

22 minutes ago, thaibeachlovers said:

Soooo, why are the effects of a changing climate the responsibility of the fossil fuel sector? That would be contingent on whether one can prove that that industry actually caused the climate change, or if the change would have happened anyway.

 

If a community is suffering from the effects of climate change, that, IMO, is down to those communities behaving badly- usually by overpopulating their environment, destruction of rain forests, destructive mining, and bad farming practices etc.

I'm not even sure that climate change (if it's happening) is a bad thing.

I'd quite like the UK to be  bit warmer!

[thaibeachlovers]

8 minutes ago, BritManToo said:

I'm not even sure that climate change (if it's happening) is a bad thing.

I'd quite like the UK to be  bit warmer!

Agree. I'd like NZ to be a LOT warmer. Getting very chilly now.

[placeholder]

13 hours ago, thaibeachlovers said:

IMO the biggest con in the whole scam is that if we pay enough taxes or drive an EV we can change the weather ( climate ) to something else, which is a nonsense. If, and I say if, CO2 is in fact the driver of climate change the CO2 is not going away ergo climate change is going to continue, no matter how much tax we pay.

 

IMO climate change is occurring, but there is absolutely nothing we can do about it except adapt to it.

Spoken like a true Little Englander