NEW YORK, October 1 — The devastating impact of climate change is a reality that many have faced firsthand, as reflected in the experiences of climate activist Marinel Ubaldo from the Philippines. At just 16 years old, Ubaldo witnessed the horrific aftermath of Super-Typhoon Haiyan, one of the deadliest storms on record, which claimed over 6,000 lives and displaced millions. The loss was not just physical; entire communities were uprooted, homes destroyed, and livelihoods extinguished overnight.
Ubaldo emphasizes that such catastrophic events do not occur in isolation. The climate crisis has been exacerbated by the unchecked actions of fossil fuel companies that have consistently prioritized profit over the planet’s health. While communities like hers are left to grapple with the aftermath of these disasters, fossil fuel corporations have continued to amass staggering profits. In 2022 alone, these companies reported nearly $600 billion in after-tax profits, a stark contrast to the suffering endured by those on the frontlines of climate change.
The experience of Haiyan was transformative for Ubaldo, leading her to work alongside survivors, youth, and frontline communities across the Philippines and beyond. She has witnessed the relentless destruction wrought by climate disasters, which strip away not only homes and food security but also the dignity of affected families. In response to these injustices, Ubaldo has joined the campaign, “Make Rich Polluters Pay,” advocating for accountability from those who have contributed most to the climate crisis.
The science is unequivocal: fossil fuel companies are responsible for approximately 75% of global greenhouse gas emissions. For decades, they have been aware of the consequences of their actions, yet they have chosen to mislead the public and stall meaningful action. The demand from activists like Ubaldo is straightforward: implement a tax on these polluters for the damages they have inflicted and ensure that the revenues generated are funneled into the communities that are most affected but least responsible for the crisis.
Such a tax would not only serve as a corrective measure for historical injustices but would also provide essential resources for adaptation, loss and damage compensation, and a transition to renewable energy. The call for accountability extends beyond fossil fuel companies; research from Oxfam reveals that the wealthiest 1% of the global population contributes more to climate breakdown than the poorest two-thirds combined.
By enacting a wealth tax on millionaires and billionaires, along with a permanent tax on polluter profits, governments could generate trillions of dollars each year. These funds could be directed towards renewable energy initiatives, support for farmers facing climate-induced challenges, and alleviating the crippling debt burdens of vulnerable nations like the Philippines.
Public support for these measures is overwhelming. A recent survey commissioned by Oxfam and Greenpeace, which included responses from nearly half of the world’s population across 13 countries, found that 81% of respondents support taxing fossil fuel companies to compensate for climate damages. Additionally, 66% believe that oil and gas companies, rather than ordinary workers, should bear the financial burden of climate-related disasters. An impressive 86% of participants want the revenues generated from such taxes to benefit the communities most affected by climate change.
The support transcends borders and political affiliations. In the United States, despite the current political climate, 75% of those surveyed support taxing fossil fuel companies for their contributions to climate damages, including a surprising 63% of Republicans. In the Philippines, the sentiment is even stronger, with 84% backing the taxation of fossil fuel companies, driven by a shared understanding of the consequences of climate inaction.
Momentum for action is gaining traction. Recently, nearly 40 former heads of state and government, including prominent figures like former UN Secretary-General Ban Ki-moon, have signed an open letter urging world leaders to adopt permanent taxes on polluter profits. They argue that fossil fuel companies must contribute their fair share to finance the global energy transition and support those most at risk from climate change.
Oxfam’s analysis indicates that a polluter profits tax on oil, gas, and coal companies could generate up to $400 billion in its first year alone. This funding could significantly bolster renewable energy expansion, support climate adaptation efforts, and provide relief for nations struggling with debt.
The feasibility of these measures has already been demonstrated. During the 2022 oil price crisis, several governments successfully implemented windfall taxes on fossil fuel profits. States like Vermont and New York have enacted laws requiring fossil fuel companies to contribute to funds aimed at supporting adaptation and disaster response, showcasing that taxing polluters is both possible and popular.
As world leaders regroup after the recent UN General Assembly to prepare for upcoming discussions at the G20 in South Africa and COP30 in Brazil, the pressing question remains: will they heed the calls from scientists, the public, former leaders, and frontline activists? For Ubaldo and millions of others who are living at the mercy of climate disasters, the answer is clear: it is long overdue to hold polluters accountable and ensure they pay for the destruction they have caused.
