Impose climate tax on fossil fuel giants, media groups urge

(The Guardian, 15 Nov 2022) The Guardian and dozens of international media titles publish a joint editorial calling for radical thinking on how to fund climate action in poorer countries.

Dozens of media organisations from around the world have published a joint editorial article calling for a windfall tax on the biggest fossil fuel companies.

The funds raised should be redistributed to poorer, vulnerable countries, the editorial says, as they are suffering the worst impacts of the climate crisis despite having done the least to cause it.

“Humanity has to end its addiction to fossil fuels,” the joint editorial, which was coordinated by the Guardian, says. “Rich countries account for just one in eight people in the world today but are responsible for half of greenhouse gases. These nations have a clear moral responsibility to help.”

The UN secretary general recently called for a windfall tax on fossil fuel companies, whose profits have soared as Russia’s war in Ukraine drives up energy prices. Oil and gas companies made $100bn (£85bn) in the first three months of 2022 alone. Any success at the UN’s Cop27 summit, taking place in Egypt, is widely seen as dependent on rapidly increasing the flow of climate funding to developing countries.

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The Guardian, 15 Nov 2022: Impose climate tax on fossil fuel giants, media groups urge