Wealth tax of 0.5% could cover UK’s share of loss and damage fund, says charity

Eaton Square, Belgravia. Taxing 5p of every £10 of individuals’ wealth over £1m would raise £15bn a year by 2030. Photograph: Homer Sykes/Alamy

A tax on wealthy Britons of just 0.5% could more than meet the UK’s entire “fair share” contribution to the international loss and damage fund established to support countries worst hit by global climate breakdown, a charity has suggested.

Taxing 5p of every £10 of individuals’ wealth over £1m would raise £15bn a year by 2030, well in excess of an estimated $15bn (£12bn) UK contribution to the new fund, according to an analysis by the anti-poverty campaigners Christian Aid.