PRESS RELEASE: 85% support “ring-fencing” of oil & gas company taxes to increase government spending on climate damages, global survey finds
Sevilla, Spain, 3 July 2025
Ring-fencing levies on polluting corporations to support investment on climate resilience is facing opposition from finance ministries worldwide. Nevertheless, earmarking taxes to finance climate and other development needs is both possible and popular, according to a report published today by Stamp Out Poverty in a side-event at the 4th UN Financing for Development conference (FfD4). The report launch was accompanied by new public opinion data, commissioned by Greenpeace International.[1]
There is an alarming gap between funds available and the investment needed to shift away from oil, gas and coal to clean energy, adapt to climate change, and pay for climate-related loss and damage.[2] To generate critical public revenues for climate action and sustainable development, there is growing momentum for introducing taxes and levies on super-rich individuals and polluting industries, particularly oil and gas corporations.
Ring-fencing, earmarking or hypothecation refers to the allocation of a specific source of revenue to a predetermined purpose. Analysis from Stamp Out Poverty shows how ring-fencing of public finance from tax revenues exists today in numerous countries, and across multiple economic sectors across the world, including sovereign wealth funds, health, social- and environmental protection. It further shows how digitalisation and automation of financial systems and transfers in recent years have removed previously existing technical barriers.
Avinash Persaud, emeritus professor of Gresham College, said: “Hypothecation is effective and raises substantial revenues. It may be desired because it can ring-fence the funds against the temptation to divert them to the latest hot issue.”
A new global survey, commissioned by Greenpeace International and Oxfam International, finds 85% of respondents support the idea of governments spending more to support the victims of storms, wildfires, droughts and floods, using money raised by taxes on oil, coal and gas corporations and other polluters. Ring-fencing solidarity levies is, therefore, not only feasible and prevalent, but also a strong opportunity for governments to deliver their commitments in a way that would be popular to voters.
The FfD4 event began with testimonies from two people who live in climate-affected countries, highlighting the urgent need to raise public funds for climate action and the moral imperative of holding polluters accountable.
Climate change is an existential threat to Tuvalu, a Pacific Island State nation, which is experiencing rising sea levels as an existential threat. Last year, at the International Court of Justice, Tuvalu asserted that international law mandates states to limit global warming to 1.5C. In the FfD4 conference, Prime Minister Hon. Feleti Teo called for the fair taxation of billionaires’ wealth and multinational profits under a UN Tax Convention.[3]
H.E. Dr. Tapuga Falefou, Tuvalu’s Permanent Representative to the UN and Ambassador Extraordinary and Pleinpotentiary, said: “In Tuvalu, our shorelines are disappearing, our crops are dying from saltwater intrusion, and our people are already facing the trauma of displacement. Yet the fossil fuel industry and the super-rich continue to increase their wealth while we fight to keep our heads above water—literally. If the global tax system were reformed to ensure that those who have gained from pollution are contributing their fair share to address its consequences, we could unlock billions to support those who are the least responsible.”
Since floods claimed 224 lives in October 2024 in the western parts of the Iberian Peninsula, Greenpeace Spain has been supporting people in affected areas and highlighting how the links to fossil fuel emissions which are heating the climate.[4]
Óscar Escobar, survivor of the 2024 Valencia floods and a member of the ‘Civic Assembly for Climate’ Association, said: “What happened on October 29th 2024 was terrifying. I did not lose anyone personally, but we suffered tremendous material loss, and we are still psychologically traumatized. I have joined the Polluters Pay Pact to tell our government: tax the oil and gas industry. Make them pay for what they do to us all!”
Last month, a coalition of 60 civil society organisations, including Greenpeace International and Stamp Out Poverty, launched the Polluters Pay Pact, a global alliance of communities on the frontlines of climate disasters. The Pact demands that – instead of piling the costs on ordinary people – governments make oil, gas and coal corporations pay their fair share for the damages they cause, through the introduction of new taxes and fines.
The Pact is backed by over 170,00 people, including firefighters and other first responders, trade unions and worker groups, and mayors from countries including Australia, Brazil, Bangladesh, India, the Philippines, Sri Lanka, Nigeria, and South Africa, the US, and plaintiffs in landmark climate cases from Pacific island states to Switzerland.
Photos and videos:
- Remarks by H.E. Dr. Tapuga Falefou (video)
- Remarks by Óscar Escobar (video)
- Photos of floods from storm DANA in Spain, 2024 available here
Notes:
- To read the full analysis, visit: Stamp Out Poverty.The survey was conducted by first-party data company Dynata in May-June, 2025, in Brazil, Canada, France, Germany, Kenya, Italy, India, Mexico, the Philippines, South Africa, Spain, the UK and the US, with approximately 1200 respondents in each country and a theoretical margin of error of approximately 2.83%. Together, these countries represent close to half the world’s population. Statistics available here.
- See Emissions Gap Report 2024; Adaptation Gap Report 2024 – UN Environment Programme; The Independent High-Level Expert Group on Climate Finance estimates that by 2030, low-income countries could require up to US$ 400 billion annually for Loss and Damage.
- Group Statement – Pacific Small Island Developing States.
- Extreme downpours are increasing in southeastern Spain as fossil fuel emissions heat the climate – World Weather Attribution.
Contacts:
- For Stamp Out Poverty – Louise Hutchins: louise@stampoutpoverty.org
- For Greenpeace International – Tal Harris, Greenpeace International, Global Media Lead – Stop Drilling Start Paying campaign, tharris@greenpeace.org, +41-782530550
G20 communique: Important step towards derisking renewable investment for developing countries
PRESS RELEASE
Scaling up renewable energy in developing countries is mission-critical for addressing the climate emergency and providing clean, safe energy for hundreds of millions who need it.
A major block has been the mispricing of the cost of capital making prospective renewable projects unprofitable. Stamp Out Poverty has been working with leading finance economists, such as Avinash Persaud, supporting the development of innovative financing structures to tackle this. National government platforms of developing countries, supported by multilateral development banks and others can create a clear, transparent mechanism for attracting international private investment, hedging the cost of capital risks, and ensuring investment benefits the projects and communities most in need.
In a landmark move for the initiative, the G20 has recognised the importance of this approach and agreed that ‘relevant institutions should work to ensure that risks are well captured, including by exploring to increase the transparency of credit ratings and country risk assessments.’ It further supported ‘the voluntary building-up of country platforms as one of the possible instruments to boost sustainable finance in emerging markets and developing economies. Platforms that are country-led, flexible, and well adapted to national circumstances work as efficient instruments to mobilize both public and private capital to finance projects and programs in developing countries, helping match mitigation, adaptation, and resilience building challenges with concrete flows of resources for just transitions.
Avinash Persaud, international finance expert and an architect of the Bridgetown Initiative said:
“Reducing the cost of capital for developing countries has been recognised as a priority at the G20 Summit to address the climate crisis on a global scale. By unblocking climate finance and making it more affordable for these nations, we empower them to supercharge renewable energy investments and build resilience—an urgent necessity in today’s climate landscape.
The G20 has a key role to play in supporting the streamlining of climate funds, managing foreign exchange risk, and enhancing transparency. These are critical steps not only for effective climate action but also for tackling global hunger and environmental degradation.”
David Hillman, Director of Stamp Out Poverty, said:
“This welcome development sets the scene for a step change in the scale of investment in tried and tested renewable energy production, such as wind and solar, in developing countries. After encouraging and supporting this area of work over the last two years, we are delighted to see it being supported at the G20 Summit.”
NOTES TO EDITORS
1. The G20 Communique:
45. Underlining the importance of progress towards making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development, we welcome the initiative taken by Brazil’s G20 Presidency to establish the Task Force on a Global Mobilization against Climate Change (TF-CLIMA), bringing together the Sherpa and Finance tracks, while helping further mainstream climate change into the global financial, economic and development agendas. Building on TF-CLIMA, we will cooperate and join efforts to identify and address structural barriers to foster private L capital flows for climate action, particularly for developing countries. We recognize that relevant institutions should work to ensure that risks are well captured, including by exploring to increase the transparency of credit ratings and country risk assessments.
46. We will accelerate the reform of the international financial architecture so that it can meet the urgent challenge of sustainable development, climate change and efforts to eradicate poverty. We support the voluntary building-up of country platforms as one of the possible instruments to boost sustainable finance in emerging markets and developing economies. Platforms that are country-led, flexible, and well adapted to national circumstances work as efficient instruments to mobilize both public and private capital to finance projects and programs in developing countries, helping match mitigation, adaptation, and resilience building challenges with concrete flows of resources for just transitions.
https://www.gov.br/planalto/pt-br/media/18-11-2024-declaracao-de-lideres-g20.pdf
2. Avinash Persaud is special advisor on climate change to the President of the Inter-American Development Bank (IDB) and was a key figure in the Loss and Damage Fund negotiations.
3. Stamp Out Poverty
Stamp Out Poverty is an NGO with a long record of policy development in innovative finance solutions bringing together leading economists and thinkers with civil society to develop and champion powerful, practical ideas to raise the money needed to end extreme poverty and fight climate change. Ideas that bring accountability to the industries behind these problems.
For further information and comment contact:
David Hillman, Director, Stamp Out Poverty: dhillman@stampoutpoverty.org
The Climate Damages Tax: a guide to what it is and how it works (2024)
There is a price for heating up the planet. Currently it is borne to a vast extent by the populations affected by ever-intensifying climate impacts. Although their products are the root cause of the crisis, to date, the fossil fuel producers have gotten away with not paying. The Climate Damages Tax (CDT) proposal, underpinned by the Polluter Pays principle, makes the case that it is high time for the producers to bear a substantial proportion of the costs for losses and damages that result from the burning of fossil fuels. The CDT is a fee on the extraction of each tonne of coal, barrel of oil, or cubic meter of gas. The report proposes that the substantial additional revenue raised is allocated in two ways. Firstly, to boost finance for the newly set up Loss & Damage Fund allowing richest, most polluting, countries to make their contributions without unfairly costing their citizens. Secondly, it will generate a significant domestic dividend that can be channelled to climate action nationally, helping to pay for the necessary support for workers and communities to transition away from fossil fuels, towards green energy and transport. The report sets out how the CDT would work and its considerable revenue potential.
EXECUTIVE SUMMARY: Executive Summary – The Climate Damages Tax: A guide to what it is and how it works (2024)
REPORT: The Climate Damages Tax: A guide to what it is and how it works (2024)
Lessons from COVID-19 for Addressing Loss and Damage in Vulnerable Developing Countries
This is the first in a series of 3 briefings under the banner: Unpacking Finance for Loss and Damage, produced by Stamp Out Poverty, Heinrich Böll Stiftung (Washinghton, DC), ActionAid International, Bread for the World and Practical Action.
This briefing examines how the size of the Covid crisis and the level of required response teaches us to reset our level of ambition, both to speed up and scale up climate action to meet the challenges of loss and damage.
Published 09/08/19 3:08 pm
We're hiring!
Could you be our next Robin?
Hi all,
We at Stamp Out Poverty are hiring for a Digital Campaigns and Communications Officer to help us get our message out there!
If you think that could be you, please send your CV and a cover letter to office@robinhoodtax.org.uk by 23:59 on Monday 26th August.
Please ensure that your cover letter addresses the points raised in the Person Specification.
When applying, please start your email subject ‘Application for DC&CO – <your name>’
Find out more >>> Job Description
——————————
Job Title: Digital Campaigns and Communications Officer
Organisation: Stamp Out Poverty
Address: N1, London
Salary: £27,000
Contract: Full-Time
Closing Date: 1st September at 23:59
Interview Date: Friday 6 September
Start Date: ASAP
The role
The Digital Campaigns and Communications Officer will have at least two years experience in the digital aspects of the post. The post holder will contribute to the design of campaign strategy and tactics, coordinate with allies, and implement all aspects of campaigns while working collaboratively with a top-notch team. The post holder will be responsible for supporter engagement, the organisation’s online and offline presence and feeding into strategy.
We are looking for someone with excellent communication and interpersonal skills, with a proven ability to lead projects and manage competing priorities under pressure. You will have good knowledge and experience of digital communications techniques and experience of delivering online and offline advocacy campaigns. This is a challenging and varied role, ideal for someone with a passion for social justice.
Who we are
Stamp Out Poverty (SOP) campaigns for smart solutions to big problems. We are best-known campaign for the Robin Hood Tax (RHT) Campaign, where we call for an extra taxation of the financial sector, which could raise billions to fight poverty and climate change at home and abroad. It is a campaign with fairness at its heart that looks to turn the global economic crisis into an opportunity for the world. It’s a fast paced and popular campaign combining longer-term proactive work with reactive responses to opportunities that arise.
We also help coordinate the international Change Finance coalition, demanding a stable, democratic financial system that delivers for people and planet. SOP’s other campaigns include the Climate Damages Tax (pushing for taxation of the fossil fuel industry to pay for a just transition and to help those facing destruction from a changing climate) as well as challenging the privatisation of aid.
Climate Damages Tax Campaign launched
Watch the Climate Damages Tax launch here!
The Climate Damages Tax campaign launch was held in London on April 16th, with Caroline Lucas MP (Green Party Co-Leader), Barry Gardiner MP (Shadow Minister for International Climate Change), Foreign Minister for Vanuatu Ralph Regenvanu MP, Avinash Persaud (Head of Economic Reconstruction of Dominica post-Hurricane Maria) and Emele Duituturaga of the Pacific Islands Associations of NGOs.
© photograph by David Sandison
L-R: Ralph Regenvanu MP (Minister of Foreign Affairs, Vanuatu), Emele Duituturaga (Executive Director, Pacific Island Association of NGOs), Avinash Persaud (Head of Economic Reconstruction of Dominica, post Hurricane Maria), Barry Gardiner MP (Shadow Minister for International Climate Change), Caroline Lucas MP (Green Party Co-Leader)
© photograph by David Sandison
Caroline Lucas MP pledges the Green Party’s support for a Climate Damages Tax
© photograph by David Sandison
“Fossil fuel companies must become part of the solution they have created. We need to ask how much, and who pays?” – Barry Gardiner at the Climate Damages Tax launch
© photograph by David Sandison
“Hurricane damages can be measured in dollars and cents but also in broken lives. The climate wars have started. This is the front line” – Avinash Persaud at the Climate Damages Tax launch
© photograph by David Sandison
“Last week Vanuatu declared a state of emergency yet again. We do not have the resources to respond. We need commitment from our more developed partners, those who caused climate change” Ralph Regenvanu MP at the launch of the Climate Damages Tax
© photograph by David Sandison
“Vanuatu produces 0.0016% of world climate emissions and yet is disproportionately feeling the negative effects. We just can’t afford what’s happening in our country” – Ralph Regenvanu MP at the Climate Damages Tax launch
© photograph by David Sandison
“Where is the justice that those of us who are the least responsible for climate change loss and damage bear the greatest burden? Enough is enough” – Emele Duituturaga at the Climate Damages Tax launch
Find out more about the Climate Damages Tax
CDT Data Tables
For the following data, all figures should be taken as indicative only, and are based on the following assumptions:
- the CDT is introduced in 2021 in every jurisdiction globally
- the rate is increased as described in the report: introduced at $5 per tonne of CO2e, then increasing by $5 per tonne of CO2e each year until 2030, when it will be reviewed with the expectation of increasing by $10 each year up to 2050.
- the fossil fuel phase out follows the average of pathways P1, P2 and P3 in the IPCC Special Report on 1.5°C
- countries do not shift between income brackets or change their share of each fossil fuel usage globally over time
For the full methodology and sources, please see the report Appendix.
Potential CDT revenues globally by year
| Year | Just Transition revenues ($bn) | Loss and Damage revenues ($bn) | Total CDT revenues ($bn) |
|---|---|---|---|
| 2021 | 141 | 69 | 210 |
| 2022 | 256 | 125 | 381 |
| 2023 | 349 | 171 | 520 |
| 2024 | 423 | 207 | 631 |
| 2025 | 481 | 236 | 717 |
| 2026 | 526 | 258 | 783 |
| 2027 | 559 | 274 | 833 |
| 2028 | 582 | 285 | 867 |
| 2029 | 597 | 292 | 889 |
| 2030 | 605 | 296 | 902 |
| 2031 | 663 | 325 | 988 |
| 2032 | 706 | 346 | 1,052 |
| 2033 | 738 | 361 | 1,099 |
| 2034 | 759 | 372 | 1,130 |
| 2035 | 771 | 378 | 1,149 |
| 2036 | 777 | 380 | 1,157 |
| 2037 | 776 | 380 | 1,157 |
| 2038 | 771 | 378 | 1,149 |
| 2039 | 762 | 373 | 1,135 |
| 2040 | 749 | 367 | 1,116 |
| 2041 | 734 | 359 | 1,093 |
| 2042 | 717 | 351 | 1,068 |
| 2043 | 698 | 342 | 1,040 |
| 2044 | 678 | 332 | 1,010 |
| 2045 | 658 | 322 | 980 |
| 2046 | 637 | 312 | 948 |
| 2047 | 615 | 301 | 916 |
| 2048 | 594 | 291 | 884 |
| 2049 | 572 | 280 | 853 |
| 2050 | 551 | 270 | 821 |
Potential CDT revenues across all countries in 2021
| Country of fossil fuel extraction | Just Transition revenues remitted to governments for domestic use ($m) | Loss and Damage revenues contributed to solidarity fund by fossil fuel extractors due to extraction activity within country ($m) | Total ($m) |
|---|---|---|---|
| US | 12,789 | 12,789 | 25,578 |
| Canada | 3,034 | 3,034 | 6,068 |
| Mexico | 1,514 | 649 | 2,163 |
| Total North America | 17,337 | 16,472 | 33,809 |
| Argentina | 386 | 386 | 772 |
| Bolivia | 170 | 0 | 170 |
| Brazil | 1,732 | 742 | 2,474 |
| Colombia | 1,413 | 605 | 2,018 |
| Ecuador | 294 | 126 | 419 |
| Peru | 146 | 62 | 208 |
| Trinidad & Tobago | 200 | 200 | 401 |
| Venezuela | 1,381 | 592 | 1,973 |
| Other S. & Cent. America | 118 | 51 | 168 |
| Total S. & Cent. America | 5,839 | 2,765 | 8,604 |
| Bulgaria | 339 | 145 | 484 |
| Czech Republic | 316 | 316 | 632 |
| Denmark | 75 | 75 | 149 |
| Germany | 1,263 | 1,263 | 2,525 |
| Greece | 266 | 266 | 532 |
| Hungary | 56 | 56 | 112 |
| Italy | 57 | 57 | 114 |
| Netherlands | 182 | 182 | 364 |
| Norway | 1,266 | 1,266 | 2,533 |
| Poland | 913 | 913 | 1,826 |
| Romania | 362 | 155 | 517 |
| Serbia | 393 | 169 | 562 |
| Spain | 20 | 20 | 39 |
| Turkey | 982 | 421 | 1,403 |
| United Kingdom | 572 | 572 | 1,145 |
| Other Europe | 552 | 552 | 1,104 |
| Total Europe | 7,613 | 6,427 | 14,040 |
| Azerbaijan | 527 | 226 | 753 |
| Kazakhstan | 2,178 | 933 | 3,111 |
| Russian Federation | 14,180 | 6,077 | 20,258 |
| Turkmenistan | 560 | 240 | 800 |
| Ukraine | 674 | 0 | 674 |
| Uzbekistan | 624 | 0 | 624 |
| Other C’wealth of Independent States | 141 | 0 | 141 |
| Total C’wealth of Independent States | 18,884 | 7,476 | 26,360 |
| Bahrain | 75 | 75 | 150 |
| Iran | 3,971 | 1,702 | 5,673 |
| Iraq | 2,356 | 1,010 | 3,365 |
| Kuwait | 1,161 | 1,161 | 2,322 |
| Oman | 510 | 510 | 1,021 |
| Qatar | 1,461 | 1,461 | 2,922 |
| Saudi Arabia | 4,690 | 4,690 | 9,379 |
| Syria | 47 | 0 | 47 |
| United Arab Emirates | 1,599 | 1,599 | 3,197 |
| Yemen | 37 | 0 | 37 |
| Other Middle East | 178 | 76 | 255 |
| Total Middle East | 16,084 | 12,283 | 28,390 |
| Algeria | 1,322 | 566 | 1,888 |
| Angola | 1,205 | 0 | 1,205 |
| Chad | 80 | 0 | 80 |
| Republic of Congo | 216 | 0 | 216 |
| Egypt | 961 | 0 | 961 |
| Equatorial Guinea | 98 | 42 | 140 |
| Gabon | 103 | 44 | 147 |
| Libya | 500 | 214 | 715 |
| Nigeria | 1,872 | 0 | 1,872 |
| South Africa | 2,482 | 1,064 | 3,546 |
| South Sudan | 79 | 0 | 79 |
| Sudan | 62 | 0 | 62 |
| Tunisia | 36 | 0 | 36 |
| Zimbabwe | 41 | 0 | 41 |
| Other Africa | 487 | 209 | 696 |
| Total Africa | 9,544 | 2,139 | 11,683 |
| Australia | 4,056 | 4,056 | 8,111 |
| Bangladesh | 264 | 0 | 264 |
| Brunei | 100 | 100 | 200 |
| China | 37,678 | 16,148 | 53,825 |
| India | 10,943 | 0 | 10,943 |
| Indonesia | 7,838 | 0 | 7,838 |
| Japan | 10 | 10 | 20 |
| Malaysia | 877 | 376 | 1,253 |
| Mongolia | 696 | 0 | 696 |
| Myanmar | 179 | 0 | 179 |
| New Zealand | 21 | 21 | 41 |
| Pakistan | 401 | 0 | 401 |
| South Korea | 10 | 10 | 21 |
| Thailand | 602 | 258 | 860 |
| Vietnam | 866 | 0 | 866 |
| Other Asia Pacific | 970 | 416 | 1,385 |
| Total Asia Pacific | 65,510 | 21,393 | 86,903 |
| Total World | 140,811 | 68,956 | 209,790 |
| High income | 35,638 | 35,638 | 71,276 |
| Upper middle income | 77,741 | 33,318 | 111,059 |
| Lower middle income | 27,432 | 0 | 27,432 |
| Low income | 283 | 0 | 283 |
The Climate Damages Tax: a guide to what it is and how it works (2019)
Our original Climate Damages Tax report was been launched during COP24 in Katowice, Poland.
The report outlines how a Climate Damages Tax on the fossil fuel industry – those overwhelmingly responsible for the climate problem – could raise approximately $300 billion a year in revenues for loss and damage to help the most vulnerable people deal with the worst impacts of climate change, and billions more for just transition to renewable energy, jobs and transport.
REPORT: The Climate Damages Tax: A guide to what it is and how it works
EXECUTIVE SUMMARY: Executive Summary – The Climate Damages Tax: A guide to what it is and how it works
OPED: It’s time for those who caused climate change to pay for it
Please click here for the full data estimating potential CDT revenues.
Climate Damages Tax video
It’s time to make the fossil fuel industry pay for the damage it has caused.
See this short film to find out more:
When will the world’s polluters start paying for their mess?
Residents evacuating Dominica as Hurricane Maria hits. Photo: US Navy/Sean Galbreath
Ministers from climate vulnerable countries support for the call for a Climate Damages Tax to fill the growing need for loss and damage finance – Joseph Isaac, Minister of the Environment for Dominica; Ronny Jumeau, Ambassador to the UN and US for Seychelles; Anisul Islam Mahmud, Minister of the Environment, Bangladesh; and Ralph Regevanu, Minster for Foreign Affairs, Vanuatu.
Read their op-ed here.
Category
