Richard Burgon has tabled the private member's bill in parliament (Image: Getty)

       A Labour MP has launched an effort to target fossil fuel companies and superyacht owners for the costs of flood defences and insulation.

       Richard Burgon has tabled a private member’s bill in parliament which could see fossil fuel companies and their shareholders, as well as owners of luxury travel options including private jet, pay into a fund to tackle the effects of the climate crisis.

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       Though it has little chance of becoming law, it is hoped the move will kickstart a movement to make those contributing the greatest emissions pay for the effects of climate change.

       Also included in the bill are proposals to end subsidies for oil and gas companies, tax shareholders who receive dividends and capital gains on heavily polluting assets and companies whose operations have an impact on nature.

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       Users and operators of luxury forms of travel are also among the bill’s targets, including private jets and superyachts.

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       Campaigners supporting the bill have called for the government to "make polluters pay" and demanded oil and gas companies, and those who benefit from fossil fuels, take on more direct responsibility for tackling the climate crisis.

       READ MORE: Keir Starmer faces rebellion by more than 100 Labour MPs over benefit cuts

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       Former prime minister Sir Tony Blair criticised the government's net zero policy (Image: Getty)

       They say measures should not be forced rely on general taxation for their funding.

       Mr Burgon, Labour MP for Leeds East 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"”

       The bill will be tabled in parliament amid debate surrounding the government’s net zero policy, led by Energy Secretary Ed Miliband.

       Plans to cut the UK’s net greenhouse gas emissions to zero by 2050 were recently savaged by former Prime Minister Sir Tony Blair, who said any strategy that limits fossil fuels in the short term was "doomed to fail".

       Sir Tony said the current climate approach "isn’t working" and that the debate had "become irrational" with people "turning away from the politics of the issue because they believe the proposed solutions are not founded on good policy".

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       He added: "In developed countries, voters feel they’re being asked to make financial sacrifices and changes in lifestyle when they know that their impact on global emissions is minimal."

       After Sir Tony’s comments, Reform leader Nigel Farage said it showed his party was "winning the argument" on climate policy.

       The party stormed to victory in hundreds of council seats this month and leads a number of national polls.

       It has previously committed to impose taxes on the renewable energy sector and ditch the net zero commitment.

       Reform’s success has led to questions over how to fund the shift to a low-carbon economy, yet 70% of Reform-leaning voters support higher taxes on oil and gas companies and other high-emitting businesses, according to polling by More in Common.

       The figures, part of research commissioned by the campaign group Global Witness, suggests the "Make Polluters Pay" campaign might have resonance even with supporters of Farage's party. It found two thirds of UK adults were worried about increasing damages from extreme weather, sea level rise and crop failure.

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       A majority of those who would vote Reform in a general election held tomorrow thought oil and gas companies should be held accountable for repairing the damage caused by global warming.

       Despite climate concerns among his party's voters, Reform's deputy leader Richard Tice called the country's environmental target "net stupid zero" in a visit to Scotland in March.

       He said the target was "destroying tens and tens of thousands of great, highly-skilled, well-paid Scottish jobs in the oil and gas industry, in the chemicals industry".