Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

MP launches bill to make polluters pay for climate damage and resilience

by May 15, 2025
May 15, 2025
MP launches bill to make polluters pay for climate damage and resilience

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.

According to the survey, two-thirds of UK adults are concerned about increasing damages from climate change, and 70% of Reform-leaning voters support higher taxes on fossil fuel firms and other high-emitting businesses.

Flossie Boyd, senior campaigner at Global Witness, said the findings challenged assumptions about climate scepticism: “Despite Reform leaders’ vocal opposition to climate action, the poll reveals most Reform-leaning voters are worried about climate change and want to see the firms and individuals most responsible taxed more.”

The bill also proposes the removal of fossil fuel subsidies, and would expand existing taxation frameworks to include dividends, capital gains, and luxury emissions. These funds would be ringfenced for domestic and international climate adaptation efforts, such as preparing communities for flooding, extreme weather events, and rising sea levels.

Louise Hutchins, campaigns director at Stamp Out Poverty, said: “There’s huge public support for making big polluters pay up for the climate damage they’ve caused. When five oil and gas corporations made over $100 billion in profits in 2024, it’s time ministers started looking to those responsible.”

The push for a dedicated climate damage fund comes as the UK government faces key decisions about future climate finance commitments, both domestically and internationally. While Chancellor Rachel Reeves has reaffirmed her government’s commitment to net zero, the path to paying for it — and who foots the bill — remains politically charged.

With growing voter appetite for fairer funding mechanisms and sustained pressure from civil society groups, the “polluter pays” campaign may yet gain further political traction in the run-up to the next general election.

Read more:
MP launches bill to make polluters pay for climate damage and resilience

0
FacebookTwitterGoogle +Pinterest
previous post
HMRC issues first individual tax avoidance Stop Notices to former solicitor Paul Baxendale-Walker
next post
Biden’s pandemic playbook failed. Trump just offered a smarter path forward

You may also like

Cambridge Satchel Company founder Julie Deane packs her...

October 17, 2022

Australian giant launches EnviroTech innovation centre in Oxfordshire

October 13, 2023

Creating a Supportive Workplace for Recovering Alcoholics

October 17, 2023

Housebuilders call for revival of Help to Buy

January 29, 2023

Union boss Lynch demands meeting with Rishi Sunak...

December 10, 2022

Mulberry urges government to cancel ‘tourist tax’ as...

January 17, 2024

Four-day working week requests to come ‘flooding in’ 

March 27, 2023

Alphabet third quarter results fall as giant struggles...

October 26, 2022

Investing in Yourself: The ROI of Online Learning...

February 16, 2024

Energy prices predicted to fall by 16% in...

January 22, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025
    • From Tariffs to Tech: Where Smart Money’s Moving Right Now

      June 6, 2025
    • Your Weekly Stock Market Snapshot: What It Means for Your Investments

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,556)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved