Fossil fuel tax could raise 580bn to fight climate crisis, says new report [Video]

A fossil fuel tax on companies in the wealthiest nations could raise vast sums of money to tackle the climate crisis, according to a new report by a coalition of green groups.

The tax would be levied on extraction of fossil fuels in the world’s richest economies and could raise as much as $720bn (£580bn) by the end of the decade, according to a proposal released in a report entitled The Climate Damages Tax on Monday.

The report has been released by Stamp Out Poverty and backed by dozens of climate and aid organisations such as Greenpeace, Powershift Africa and Christian Aid.

Raising money to decarbonise the world and help victims of intensifying disasters has been a major challenge in recent years.

International agreements and commitments have been made to raise climate finance, but the money …