Fossil fuel companies, along with shareholders and owners of superyachts and private jets, should contribute to the Flood Protection and Home Insulation Fund. The relevant legislation is set to be presented on Thursday.
This bill is part of a broader effort by activists to “make polluters pay.” It emphasizes that oil and gas firms, along with those profiting from fossil fuels, need to bear more direct responsibility for addressing the climate crisis, rather than relying on general tax funding.
Beyond targeting oil and gas companies, the bill suggests eliminating subsidies for them, taxing shareholders, and imposing levies on luxury travel options like superyachts and private jets.
Labour MP Richard Burgon, who introduced the bill, noted, “The fossil fuel giants have led us to the brink of climate disaster. While they reap enormous profits, millions are facing dire consequences.”
This initiative arises amid rising concerns regarding the net-zero transition, partly driven by reforms in the UK, which have been successful in local elections and prominent in political polling. These reforms aim for a net-zero goal but are criticized for disproportionately impacting low-income individuals.
The success of these reforms has sparked discussions about financing the shift to a low-carbon economy. In a recent address, Keir Starmer labeled the reforms as “anti-jobs, anti-growth, anti-business, and anti-investment.”
Formally known as the Climate Financial Fund (fossil fuels and pollution) bill, its chances of becoming law appear slim, but it aims to ignite discussions within and outside Parliament.
Polling conducted by a campaign group reveals that these discussions may resonate with voters. A significant portion of UK adults express concern over the damage caused by extreme weather and the climate crisis, indicating a belief that oil and gas companies should bear the responsibility for repairing the harm caused by climate change.
About 70% of voters focused on reform support higher taxes on oil and gas companies and other polluters.
Frossy Boyd, a senior campaigner for Global Witness, pointed out that despite opposition voices against climate action, surveys show that a majority of reform-supporting voters are worried about climate change and want accountability from those most responsible.
Louise Hutchins, campaign director at Stamp Out Poverty, emphasized the need for politicians to invest in their communities to prepare for climate-related risks, like floods and storms, noting the strong support for holding major polluters accountable for their environmental impact.
