Rich countries could raise $5tn of climate finance a year, study says

Stopping fossil fuel subsidies would free up about $846bn globally, the report says. Photograph: Richard Ross/Getty Images

Rich countries could raise five times the money that poor countries are demanding in climate finance, through windfall taxes on fossil fuels, ending harmful subsidies and a wealth tax on billionaires, research has shown.

Developing nations are asking for at least $1tn (£750bn) a year of public funds to help them cut greenhouse gases and cope with the impacts of extreme weather.