Ultra-rich can fund climate change.

Thursday 1 August 2024
Exciting news has emerged from Brazil as a report commissioned by the country suggests that taxing the ultra-rich could be the key to minimising the devastating impacts of climate change. The report, conducted by renowned French economist Gabriel Zucman, reveals that implementing a global tax on the wealthiest individuals could significantly contribute towards funding public infrastructure, facilitating the transition to sustainable energy sources, and supporting various underfunded sectors.
Zucman’s report proposes the implementation of a 2% minimum tax on the world’s billionaires, estimating that this measure could generate a substantial revenue of $200 to 250 billion (£155-195 billion) annually. This revenue, according to Laurence Tubiana, a key figure in the development of the Paris Agreement, could play a crucial role in helping countries achieve their ambitious net-zero emissions targets. The European Union, for instance, anticipates the need to invest £1.2 trillion per year starting from 2031 to reach net-zero emissions by 2050, while developing nations are projected to require £1.8 trillion annually by 2030.
Notably, Brazil stands out as a country in dire need of additional financial resources to meet its emissions-reduction objectives by 2030, requiring an estimated £155 billion. The report highlights a staggering disparity in emissions production, revealing that the richest 1% of the global population is responsible for more emissions than 60% of the world’s poorest individuals. Shockingly, it is often these vulnerable communities that bear the brunt of the severe consequences of climate change.
Camila Jardim, an International Politics Specialist at Greenpeace Brazil, underscores the urgency of the climate crisis, which demands trillions of dollars annually for mitigation and adaptation efforts. In response to the frequent claim that there is insufficient funding available to address this crisis, Jardim asserts, ‘Taxing the super-rich can demonstrate that there is, in fact, an abundance of resources; they simply need to be redirected away from activities that harm the environment.’
Zucman stresses the importance of international cooperation in implementing an effective global taxation system to ensure the success of this initiative.
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