A new report from the charity Christian Aid has suggested ways in which the UK can contribute 3.5 per cent to the recently agreed 'Loss and Damage Fund', created at last year’s United Nations Climate Change Conference. The Fund is an agreement to provide funding to countries who are most vulnerable and affected by climate change.
Factoring in the UK’s historic emissions and its relative wealth, Christian Aid previously calculated the UK’s contribution of the $100bn (approximately £80bn) climate finance commitment at 3.5 per cent.
The report suggests implementing a wealth tax at a rate of 0.5 per cent levied on wealth in excess of £1m which would raise an estimated £15bn. This also has the advantage of being targeted towards those who are likely to be disproportionately high polluters in their consumption and personal investments.
Another option would see fossil fuel companies generating the UK’s contribution to the Fund. Taxes could be increased...