Tax fossil fuel firms, raise $720B for loss and damage fund by 2030

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“If President Marcos Jr. is sincere with his pronouncements when he talks about solutions to the climate crisis, he will heed the clamor of communities who are standing up to carbon majors,” Greenpeace campaigner Jefferson Chua said in a statement on Tuesday, May 7. If the CDT would be introduced in 2024, they are looking at a revenue of $900 billion – $720 billion of which would go to the loss and damage fund – by the end of the decade.

Loss and damage refers to the irreversible impacts of climate change despite efforts of concerned countries to adapt and minimize risks.

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