Billionaires, Fossil Fuels, and the Future of Climate Funding

A recent study suggests that some of the world’s richest countries could raise around $5 trillion in climate finance each year through windfall taxes on fossil fuels, stopping harmful subsidies, and a wealth tax on billionaires. New research, published by the organisation Oil Change International in September, shows that rich countries around the globe have the potential to raise around five times more money than low-income countries are requesting for climate finance. Developing nations have asked for at least $1 trillion a year of public…