That’s according to a new report by global aid organisation Oxfam, which highlights the importance of targeting those most responsible for emissions, including fossil fuel companies and the country’s wealthiest individuals to generate revenue that could be utilised to support urgent climate initiatives.
Such initiatives encompass the expansion of renewable energy sources and the widespread implementation of energy efficiency measures in households.
The report estimates that this revenue could have not only insulated seven million UK homes but also equipped them with low carbon heating, with almost £11 billion remaining for further climate actions.
One of the key recommendations in the report is for the UK Government to cease using public finances to support fossil fuel producers operating in the North Sea.
Instead, this funding, estimated at approximately £3.35 billion in 2022, should be redirected towards a fossil fuel-free future.
Furthermore, the report calls for the removal of the “climate-damaging” investment incentive associated with the current Energy Profits Levy.
The report calculates that a permanent excess profits tax on fossil fuel companies in the previous year could have generated additional revenue ranging from £2.2 billion to £4.4 billion.