PLANS for a new government climate finance fund to invest in green jobs, flood defences and home insulation were tabled in a private members’ Bill today.

Leeds East Labour MP Richard Burgon proposed the Bill, which would raise money for the fund via a levy on fossil fuel companies and super-rich users of superyachts and private jets.

The Climate Finance Fund (Fossil Fuels and Pollution) Bill aims to kickstart a parliamentary campaign that would enshrine key principles of raising funds for climate action in law.

This would include a “polluter pays” principle — that those most responsible for climate change should bear the greatest costs of addressing it.

The Bill also calls for those responsible for climate-related damage to be the ones to compensate people adversely affected, and for climate finance to be raised and spent fairly and equitably.

Mr 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.”

Louise Hutchins, convener of the UK Make Polluters Pay Coalition and campaigns director of Stamp Out Poverty, added: “There’s huge public support for making big polluters pay up for the climate damage they’ve caused.

“When five oil and gas corporations made over $100bn (£75bn) in profit in 2024, it’s time ministers started looking to those responsible.”

New polling by More in Common, commissioned by the campaign group Global Witness, said 71 per cent of Reform-leaning voters support higher taxes on big polluters like oil and gas firms to fix the damage caused by global heating.