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Wednesday, May 1st, 2024

Taxing Fossil Fuel Companies Could Be ‘Powerful Tool’ to Cut Emissions and Promote Climate Justice, Report Finds

Author:     Cristen Hemingway Jaynes
Source:     EcoWatch
Publication Date:     April 30, 2024
 Link: Taxing Fossil Fuel Companies Could Be ‘Powerful Tool’ to Cut Emissions and Promote Climate Justice, Report Finds
Stephan:  

Good news. Here is an example of restructuring the tax system not only in the U.S. but other rich nations as well could help humanity prepare to deal with climate change. It seems to obvious, but the strangle hold the rich have on the U.S. and other developed nation governments makes its problematic. Once again, it is all about how each of us votes.

Steam rises from cooling towers at the Neurath (L and R) and Niederaussem (C) coal-fired power plants at Neurath, Germany on April 22, 2022. According to data from 2020, Neurath is Europe’s second biggest emitter of CO2 while Niederaussem is the fourth biggest.
Credit: Sean / Gallup /Getty

According to the new Climate Damages Tax report, introducing a fossil fuel tax on companies in the richest countries in the world could generate hundreds of billions to aid the most vulnerable nations in coping with the climate crisis.

The impacts of climate change disproportionately affect poorer nations that have contributed to it the least.

“Climate change is a war. A category five hurricane releases energy equivalent to 10,000 times the nuclear bomb dropped on Hiroshima in 1945. Those countries on the path of hurricanes and cyclones and submerging coasts are on the front line,” wrote Avinash Persaud, special envoy on investment and finances to the prime minister of Barbados, in the preface to the report. “Climate change is not a freak of nature. It […]

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1 Comment

  1. sam crespi on Thursday, May 2, 2024 at 5:52 pm

    This could be interesting. The thing I wonder about is if those same companies would turn around an hike prices…