Global Leaders Propose $25bn Climate Levy on Oil States to Address Rising Costs of Delay
A group of former world leaders and economists, including former UK Prime Minister Gordon Brown, are calling for a $25 billion levy on the bumper revenues of oil-producing states to help fund the impact of climate disasters on the world's poorest and most vulnerable people. The levy, representing just a small fraction of the oil-producing countries' recent profits, would contribute to a fund for "loss and damage" in developing countries affected by the climate crisis. The letter, signed by 70 international figures, is being sent ahead of the UN climate summit, Cop28, and highlights the need for increased climate finance to meet the $1 trillion per year required for development and climate funding in the global south.