Rich countries could raise five times the money that poor countries are demanding in climate finance, through windfall taxes on fossil fuels, ending harmful subsidies and a wealth tax on billionaires,Rich countries are mooting potential sums much lower than this, in conventional climate finance such as low-interest loans from the World Bank and similar institutions. But they are also discussing, such as a levy on shipping and on frequent flyers.
Stopping subsidies to fossil fuels would free up $270bn of public money in the rich world, and about $846bn globally. Taxes on fossil fuel extraction would be worth $160bn in the rich world, and $618bn globally.
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