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 heating increases, the negative impacts of climate change 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 $ 80,000,000,000for the Loss and Damage Fund.
Fossil fuel companies have caused and exacerbated the climate crisis. Taxing their record profits is the obvious solution to financing the Loss and Damage Fund.
The fund is intended to provide support for developing countries suffering from the worst impacts of the climate crisis.
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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 2022
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)
2022 Domestic GHG emissions only (Source: EDGAR Community GHG Database)
Based on UN IHLEG estimated annual costs of climate change by 2030.