How do we raise trillions of dollars to fight the climate crisis? The answer is staring us in the face | Gordon Brown

Petrostates like Saudi Arabia and Norway have made staggering oil and gas profits. A simple levy could funnel money to the countries that need itAfter a summer of ever-more deadly floods, droughts and firestorms, two autumn summits - the G20 and the UN general assembly - have come and gone. Both failed to deliver the long-promised global plan to finance climate mitigation and adaptation. But as political leaders issue toothless and easily forgettable communiques, a potential breakthrough is staring the world in the face. It could finally end the cycle of broken promises to the global south and rescue the next summit, Cop28 in November and December.Last year, the oil and gas industry across the world banked about $4tn, according to the head of the International Energy Agency. This represents one of the biggest redistributions of wealth from the world's poor to the richest petrostates. The record energy prices that have produced these unearned gains have not only caused dramatically rising poverty and debt in the global south, but have also stymied decades of progress in extending power into homes, villages and towns that were previously without electricity.Gordon Brown was UK prime minister from 2007 to 2010. His new book, Permacrisis: A Plan to Fix a Fractured World, co-authored with Mohammed el-Erian and Michael Spence, is out on 28 September.Gordon Brown joins the Guardian live and online on Tuesday 26 September, 7pm-8.30pm BST. Buy tickets here Continue reading...