Island nations call for oil tax, anti-fossil fuel treaty at UN summit
Small island nations led calls at the UN climate summit Tuesday to tax oil companies' windfall profits to pay for damages caused by natural disasters and enact a "non-proliferation treaty" to halt fossil fuel production.
Developing nations have pressed their case at the COP27 summit in Egypt for the creation of a "loss and damage" fund, arguing that rich nations are to blame for the biggest share of greenhouse gas emissions.
Oil companies have scored tens of billions of dollars in profits this year as crude prices have soared in the wake of Russia's invasion of Ukraine.