Countries who’ve done the least to cause the climate crisis are affected most by its impacts.
Sea levels rising, sustained heatwaves, increasingly severe bushfires, drought, hurricanes, and species extinction.
As global warming worsens, the negative impacts of climate damages will increase in frequency and severity. Developing countries are more vulnerable to the worst impacts of climate change and are less likely to have the resources to adequately respond or adapt. Yet they have contributed the least to the climate crisis.
It’s time for polluters to pay
Loss and Damage Fund Calculator
Enter an amount below to see how much tax could be generated.
Taxing the 2022 profits of the five oil majors by % would generate $ 4,000,000,000for the Loss and Damage Fund.
Fossil fuel companies have caused and exacerbated the climate crisis. Taxing their enormous profits is the obvious solution to financing climate finance
Climate finance seeks to support mitigation and adaptation actions that will address climate change, providing support for countries suffering from the worst impacts of the climate crisis.
When global leaders and delegations convene throughout the year at events including the Bonn Climate Conference, the G7 Summit in Puglia, Italy, and COP29 in Baku, Azerbaijan, they must hold Big Oil accountable in climate finance discussions.
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Annual emissions of the five oil majors compared to countries1, 2
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Figures shown in million tonnes CO2e in 2023
According to the UN, by 2030 climate related
loss and damage costs per year could reach
Sources
Company emissions: Scopes 1 & 2 – operational control, Scope 3 – category 11, upstream production only, 2021 (Source: company reporting)
2023 Domestic GHG emissions only (Source: EDGAR Community GHG Database)
Based on UN IHLEG estimated annual costs of climate change by 2030.