Climate Wealth Tax for Billionaires & Major Polluters and Other New Funding Streams to Protect Our Planet

According to Reuters, the Trump administration has placed over 100 employees who work on environmental justice programs at the Environmental Protection Agency (EPA) on leave and is moving toward staff reductions in similar programs at the Justice Department. We knew a lot of this was coming, but I don’t know that anything could have prepared anyone for how unruly the process has been. Climate funding—the lifeblood of our planet’s survival— is just one of the latest casualties of billionaires and politicians treating our future like an optional line item on their budget spreadsheets, and it’s critical for stability across economies.???

With the Trump administration signalling a tidal wave of consistent climate finance rollbacks and billionaires like Jeff Bezos seemingly losing interest in their alleged mission to save the Earth faster than you can say “carbon offset,” it’s easy to feel like we’re on our own. But where some doors close, others swing wide open.?

The Global Solidarity Levies Task Force, established post-COP28, has proposed 16 innovative taxation strategies targeting major polluters and the ultra-wealthy. These include levies on fossil fuels, aviation, shipping, plastic production, and even a wealth tax on billionaires. The aim? To generate hundreds of billions annually for climate action, emphasizing both emission reductions and tax fairness.?

Simultaneously, organizations such as the Global Fund have unveiled pioneering Climate and Health Funds, focusing on the world's most climate-vulnerable nations. These sources are designed to bolster health systems and provide urgent support for climate adaptation, ensuring that communities on the frontlines receive the assistance they desperately need.

Following the U.S. withdrawal from the Paris Agreement under President Trump, Bloomberg Philanthropies, along with other donors, pledged to fulfill the country's funding obligations to the United Nations Framework Convention on Climate Change. This mirrors Bloomberg's actions after the initial exit in 2017, demonstrating a consistent commitment to global climate initiatives.?

While some leaders are retreating from their environmental commitments, these initiatives are illustrating collective determination to confront the climate crisis head-on. The key moving forward is to ensure that these new funding streams don’t just prop up large-scale climate initiatives, but also funnel resources directly into the hands of the communities who have been leading this fight for generations.

Progress won’t stop simply because misguided groups are trying to sabotage it. With the support of new funding models, wealth taxes, corporate accountability, and grassroots action,?we’ll keep going. Despite all the uncertainty we’re facing, there was never any doubt about that.