Financing the rapid transition

Sail Cargo Ship De Gallant in Wapping 2019

I would like to propose a ‘Town fund’ to raise money to put solar on every viable London roof. We have wealthy citizens living here in London. We need their generosity to fund a rapid transition to renewable energy in London.

Local authorities must generate more of their revenue from business rates, as prescribed by the Local Government Finance Act. Targeting in particular the businesses who are contributing to emissions and pollution, both in London and the wider National / Global community.

A Karma tax that acts as a windfall tax on fossil fuel industries must be applied immediately. Fossil fuel corporations like Shell, BP, Ineos etc have known about the climate and ecological consequences of their business model. ‘Market forces’ have failed to enable a rapid transition to renewables. These fossil fuel corporations and their allies the car industry, gas boiler industry and aviation have failed to curb their destructive business model. They must now have a Karma Tax applied.

Transport for London and other Government bodies have the leverage /ability to raise finance/ bonds to fund a rapid transition to renewables, and walking /cycling infrastructure. This must be harnessed immediately.

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