Taxing big fossil fuel firms ‘could raise $900bn in climate finance by 2030’

Grangemouth oil refinery in Scotland. The report authors say the proposed levy could be easily administered within existing tax systems. Photograph: Murdo Macleod/The Guardian

A new tax on fossil fuel companies based in the world’s richest countries could raise hundreds of billions of dollars to help the most vulnerable nations cope with the escalating climate crisis, according to a report.

The Climate Damages Tax report, published on Monday, calculates that an additional tax on fossil fuel majors based in the wealthiest Organisation for Economic Co-operation and Development (OECD) countries could raise $720bn (£580bn) by the end of the decade.