Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of an international charge on fossil fuel extraction as a means of raising revenue under the New Collective Quantified Goal agreed at COP29.

We are committed to helping deliver global climate finance, including the New Collective Quantified Goal agreed at COP29 of at least $300bn per year to developing countries by 2035, and responding to the wider call on all actors to increase climate finance to developing countries to £1.3trn per year.

As part of that effort, we are pressing for faster and more ambitious reforms to the global financial system to deliver much more and higher quality climate and development finance. Alongside this, we are supportive of exploring revenue raising mechanisms for climate action, but we will need to consider specific proposals on a case-by-case basis.