Climate Justice Activist: We Need ‘to Force Polluters and Billionaires’ to Pay for Climate with Higher Taxes

EXCERPT:

SEALEY-HUGGINS: “Meanwhile, the City of London is infamous as a kind of facilitator of tax losses. You know, $160 billion worth of global tax losses flow through the U.K. and the tax havens that it enables. Meanwhile, Lloyd’s of London, which is a major U.K. insurer, which had its start in life insuring slave ships for that same slave trade for which Commonwealth heads of government are now calling for reparations, they basically are the single largest global hub for fossil fuel insurance and they collect 2.2 billion in annual premiums for fossil fuel projects. And U.K. retail investors hold nearly 20 billion in direct fossil fuel investments. So the money is there, as OCI have showed us. And yet, whilst the U.K. could be, you know, supporting an ambitious tax convention, they're blocking progress in the U.N. tax convention, which would help to clamp down on tax dodging and it would force polluters and billionaires to pay a greater share of what they owe. And it would allow countries to raise trillions for climate finance.”