A new report proposes a tax on fossil fuel companies in wealthy nations to fund climate change initiatives.

• The Climate Damages Tax could raise $720 billion by 2030 to support developing countries facing climate impacts.

• The tax would be levied on fossil fuel extraction and start at $5 per tonne of CO2 equivalent, increasing annually.

• $720 billion would go to a fund for vulnerable nations, while $180 billion would support a just transition to clean energy within wealthy countries.

• The report is backed by environmental organizations who argue it’s time for fossil fuel companies to pay for the damage they cause.

Read more at The Guardian website.