Ending Oil Subsidies, Taxing the Rich Could Help Free Up $5 Trillion a Year for Climate: Report

Jake Johnson is a senior editor and staff writer for Common Dreams.

Research published Tuesday estimates that rich countries could mobilize over $5 trillion a year for climate action worldwide by cutting off subsidies to the oil and gas industry, imposing a levy on big polluters, and cracking down on tax evasion by large corporations and the rich.

Laurie van der Burg, OCI's public finance lead, said that the rich nations most responsible for the climate emergency 'owe this money to Global South countries that have not caused this crisis and need fair finance to deliver strong climate plans next year that phase out fossil fuels.' 'This is essential to avoid climate breakdown and save lives,' she added. The clock is ticking ⏰ Rich nations must deliver a roadmap for at least $1 TRILLION/year by 2025.

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Billionaire Tax Cop29 Fossil Fuel Subsidies Fossil Fuels Oil Change International Taxation United Nations Climate Emergency

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