Former world leaders across the globe are advocating for oil, gas, and coal companies to pay "polluter profit taxes," Euronews reported.
The proposal letter featured signatures from former Mexican President Felipe Calderon, former Swedish Prime Minister Stefan Lofven, former Irish President Mary Robinson, and former Irish Prime Minister Leo Varadkar, according to Edie.
Representatives globally back this plan to relieve the pressure to pay for climate action, placing the responsibility on the industries that release polluting gases rather than consumers. Other countries involved in the plan are Austria, Greece, Colombia, Sri Lanka, and Mozambique, Edie reported.
According to Euro News, a 2022 energy price crisis led to similar taxes. Billions were raised under this initiative, and world leaders are confident it could help again.
For the ordinary consumer, the price of climate issues falls on them. For example, inflation and higher grocery prices, everyday damage from climate-related disasters, and increased energy bills and consumption are linked to pollution from dirty energy.
An influx in grocery prices reflects the damage a heating planet faces, as crops and livestock overheat as a direct result of this pollution trapped in the atmosphere.
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Intense shifts in temperatures, extreme weather events, and limited access to water have impacted crop yields on farms, Oxfam noted. This trouble impacts the livelihoods of hard-working farmers who provide food for livestock and consumers.
The result is intense grocery price hikes.
According to a PwC survey, 31% of surveyed consumers said inflation is a major risk to their country or territory, and 62% believed groceries will represent the highest purchase increase.
Requiring the companies responsible for the pollution from nonrenewable resources to pay taxes could raise €340 billion ($400 billion) in the first year, the former world leaders argue, according to Euronews.
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"Taxing fossil fuel profits is not only fair — it is also essential to ease the economic burden of the climate crisis, felt by ordinary people through higher food prices, lost working days, pressure on energy bills and higher home insurance premiums," Rebecca Newsom of Greenpeace International said, per Euronews.
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