EDM 1386: Climate Finance Fund (Fossil Fuels and Pollution) Bill

That this House welcomes the contribution made by the Climate Finance Fund (Fossil Fuels and Pollution) Bill, published on 15 May 2025, to the debate on how to fund the urgent action needed to address climate change; welcomes the Bill’s emphasis on the ‘polluter pays’ principle that fossil fuel giants and other large-scale polluters most responsible for driving climate change should bear the greatest cost of climate action; further welcomes the Bill’s additional principle that climate finance should be both raised and spent fairly, recognising this as a matter of social justice; notes recent polling showing the vast majority of voters support making large-scale polluters pay for the cost of climate action; further notes the Bill’s proposals for the establishment of a Climate Finance Fund, funded through the introduction of new levies on oil and gas giants, the redirection of subsidies away from fossil fuels and towards climate action, and the imposition of levies on luxury travel, including on private jets and super-yachts; welcomes the Bill’s view that such a Fund could be used to increase investment in good-quality jobs in the green economy, renewable energy, home insulation, public transport, in making communities more resilient to flooding and other climate damage, and on increasing the UK’s financial contribution to the Fund for Responding to Loss and Damage; encourages all Members of this House to read the Bill and engage seriously with its proposals in the interest of funding the urgent climate action required.