Katowice, Poland — Taxing the extraction of fossil fuels could help pay for the growing costs of damage from harsher storms, wildfires, floods and rising seas, while providing a stronger incentive to wean the world off carbon-heavy energy, green groups said on Monday.
A "climate damages tax" levied on oil, gas and coal companies could raise $300 billion a year by 2030 to bail out communities bearing the brunt of global warming, said a proposal supported by WWF, Practical Action and others.
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