Rich countries could raise $5tn of climate finance a year, study says

(Guardian, London, 24 September 2024) Rich countries could raise five times the money that poor countries are demanding in climate finance, through windfall taxes on fossil fuels, ending harmful subsidies and a wealth tax on billionaires, research has shown. Developing nations are asking for at least $1tn (£750bn) a year of public funds to help them cut greenhouse gases and cope with the impacts of extreme weather. Research by the pressure group Oil Change International, published on Tuesday, shows that rich countries could generate $5tn a year from a combination of wealth and corporate taxes, and a crackdown on fossil fuels. A wealth tax on billionaires could generate $483bn globally, while a financial transaction tax could raise $327bn. Taxes on sales of big technology, arms and luxury fashion would be another $112bn, and redistributing 20% of public military spending would be worth $454bn if implemented around the world. Stopping subsidies [from OECD ECAs?] to fossil fuels would free up $270bn of public money in the rich world, and about $846bn globally. Taxes on fossil fuel extraction would be worth $160bn in the rich world, and $618bn globally.