Fossil fuel giants, luxury travel users, and shareholders profiting from polluting industries could be forced to contribute directly to climate resilience measures under a new bill to be introduced in Parliament on Thursday.
The Climate Finance Fund (Fossil Fuels and Pollution) Bill, tabled by Labour MP Richard Burgon, calls for the creation of a dedicated fund to finance flood defences, home insulation programmes, and other climate-related protections. It proposes new levies on oil and gas firms, capital gains and dividends from polluting industries, and high-emission luxury activities including superyachts and private jets.
“Fossil fuel giants have driven us to the cliff edge of climate catastrophe,” said Burgon. “They’ve made obscene profits while millions suffer the consequences. It’s only right that those most responsible for the crisis fund the urgent climate action needed, both at home and abroad.”
Though the bill stands little chance of becoming law as a private member’s motion, it marks the start of a broader campaign inside and outside Parliament to mobilise public and political support for a “polluter pays” approach to climate finance.
The proposal comes amid mounting concerns over the politicisation of net zero policy, particularly following the local electoral success of Reform UK, which has openly criticised climate initiatives as unfair to lower-income households. Yet polling commissioned by Global Witness and conducted by More in Common suggests significant cross-party support for making major polluters contribute more.
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