A proposed tax on major fossil fuel companies could generate up to $900 billion by 2030 to support renewable energy projects in low-income countries and address climate change impacts.
Imposing a tax on big fossil fuel companies could boost climate finance by up to $900 billion by the end of the decade. The International Energy Agency IEA has repeatedly emphasized the need for higher levels of climate funding to meet global climate goals and achieve a green transition, but finding this money is not so easy. A recent report has potentially identified a way to raise funds to develop the renewable energy capacity of low-income nations, thereby helping the global green transition.
Around 200 countries supported the creation of the fund. Many states across the developing world are highly vulnerable to the effects of climate change and do not have the means to tackle climate change or develop their renewable energy capacity to support a green transition. The fund was established to help countries around the world to combat climate change.
Fossil Fuels Climate Change Climate Damages Tax OECD Finance
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