Oil profits could save the planet if governments taxed them now

The UN Climate Change Conference began in November. One contentious issue will be at the center of attention: negotiating new payments from industrialized countries to their less wealthy counterparts - particularly using profits from oil and gas companies.

The debate over the financing of these payments is, to put it mildly, heated. But now, the revelation of a study led by the Technical University of Munich (TUM) could change everything.

It turns out that the windfall gained by oil and gas companies during the 2022 energy crisis was enough to meet the existing obligations of industrialized countries for almost five years. The researchers' solution? Tax on these so-called windfalls. (Sanjana Gajbhiye, more at earth.com)