A new private member’s bill set to be introduced in Parliament this week would force fossil fuel companies, superyacht owners, and private jet users to contribute towards the cost of flood defences and home insulation across the UK.
The bill, introduced by Labour MP Richard Burgon, seeks to hold major polluters financially accountable for their role in the climate crisis. It proposes the creation of a dedicated climate fund, supported by taxes on high-emission sectors and luxury carbon-intensive assets.
Under the proposal, oil and gas companies, shareholders profiting from polluting industries, and owners of private jets and superyachts would face targeted levies. The bill also calls for the removal of subsidies for fossil fuel producers and the introduction of new taxes on dividends and capital gains linked to environmentally damaging activities.
Although the Climate Finance Fund (Fossil Fuels and Pollution) Bill is unlikely to pass into law, it is designed to ignite public and political support for the growing campaign to make polluters pay. This movement argues that climate action should be funded by those most responsible for the damage, rather than by ordinary taxpayers.
Richard Burgon said, “Fossil fuel giants have driven us to the cliff edge of climate catastrophe. They’ve made obscene profits while millions suffer the consequences. It’s only right that those most responsible for the crisis fund the urgent climate action needed, both at home and abroad.”
The announcement comes amid rising debate over the cost of net zero policies, especially following the surge in popularity of Reform UK, which has positioned itself as critical of climate spending. Despite the party’s scepticism, polling suggests its supporters are concerned about climate change and back higher taxes on big polluters.
A survey by More in Common, commissioned by campaign group Global Witness, found that two-thirds of UK adults are concerned about worsening climate impacts like floods, sea level rise and food shortages. Notably, 70% of Reform-leaning voters supported increased taxation on oil and gas companies and other major emitters.
Flossie Boyd from Global Witness commented, “Despite Reform leaders’ vocal opposition to climate action, the poll reveals that most Reform-leaning voters are worried about climate change, and a huge proportion want to see the firms and individuals most responsible for it taxed more.”
Campaigners argue that shifting the financial burden onto those with the biggest carbon footprints would help the UK better prepare for future climate risks while delivering fairness.
Louise Hutchins, campaigns director at Stamp Out Poverty, added, “When five oil and gas corporations made over $100bn [£75bn] in profit in 2024, it’s time ministers started looking to those responsible.”
The proposed bill signals growing pressure on the government to find alternative funding sources for climate resilience, both domestically and abroad, as the UK prepares for increasingly frequent extreme weather events linked to global heating.
