Rich Nations Can Generate $5 Trillion Annually for Climate Action, Study Finds

Ending fossil fuel subsidies, taxing billionaires, and reforming financial rules are key to mobilizing climate finance.

A report by Oil Change International highlights that rich countries can raise over $5 trillion yearly by cutting fossil fuel subsidies, taxing big polluters, and cracking down on tax evasion.
The study was released as world leaders convene in New York for the UN General Assembly and ahead of COP29 in Azerbaijan.
Key proposals include a climate damages tax, a 25% minimum corporate tax rate, and a wealth tax on billionaires, which could collectively generate trillions.
The report emphasizes the need for grant-based financing for the Global South, which faces severe climate impacts and economic challenges.
Experts argue that the political will, not the financial resources, is lacking to address the climate crisis effectively.