Former world leaders and economists are urging for a $25bn levy on oil-producing states to help finance the impact of climate disasters on vulnerable populations.
Seventy international figures, including former UK Prime Minister Gordon Brown, have signed a letter calling for a $25bn levy on oil-producing states to help fund the costs of climate disasters on the world’s poorest populations. The letter was signed ahead of the UN climate summit, Cop28, which is set to begin in Dubai. Among the signatories are 25 former prime ministers or presidents.
The proposed $25bn levy would only constitute a small fraction of the revenue earned by oil-producing countries in recent years. The fund would be used to support the ‘loss and damage’ experienced by developing countries as a result of the climate crisis.
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