The authors say the levy could be easily administered within existing tax systems. They calculate that if the tax were introduced in OECD countries in 2024 at an initial rate of $5 a ton of CO2 equivalent, increasing by $5 a ton each year, it would raise a total of $900 billion by 2030.

Of that $720 billion would go to the loss and damage fund with the remaining $180 billon earmarked as a “domestic dividend” to support communities within richer nations with a just climate transition.