A tax on the richest billionaires on the planet could generate ‘trillions of dollars’ to help tackle the climate crisis, climate activists 350.org have said.
In a new briefing paper launched at COP29, Tax Their Billions: How and Why Billionaires Must Pay to Fix the Climate Crisis, 350.org shone a spotlight on eight of the world’s richest people, including LVMH’s Bernard Arnault, the Batista Brothers, and Susanne Klatten and Stefan Quandt, the heirs of the BMW fortune, to illustrate the level to which a tax on billionaires could generate significant investment to fund climate finance projects.
A June Ipsos poll conducted in G20 countries found that 67% of respondents believe economic inequality is excessive, and 70% support the idea that wealthier individuals should pay higher income tax rates.
‘Culture war’
“The question of who pays for climate action is at the heart of both this COP and of a culture war that is being stoked across Europe and beyond,” commented Kate Blagojevic, associate director for Europe campaigns and organising at 350.org. “Global North governments argue ordinary people will have to pay for the cost of climate action and this is not politically acceptable at home.
“But they are wilfully ignoring the fact that who pays is not an inevitability, but a choice. A political choice that decision makers in the UK, France, Germany and other G20 leaders need to make as they meet next week and agree a way forwards to join together to force the super rich to pay up. The time for denial, distraction and delay is over, we have no time left. Our leaders need to step up and force the ultra wealthy to pay to help fix the climate crisis so that ordinary people aren’t left to foot the bill.” Read more here.
Energy of the people
The launch of the paper coincides with the unveiling of Energy of the People, a campaign that seeks to engender a ‘decolonial approach to energy justice’, led by indigenous people and local communities, which aims to bring safe, renewable energy to the Amazon.
It is aiming to accelerate Brazil‘s shift to renewable energy by advocating for better local energy policies, pressing for equitable financial contributions from wealthier nations, including a global wealth tax, and ensuring the protection of Indigenous rights, sovereignty, and the environment.
“From remote Amazon villages to underserved neighbourhoods in Rio de Janeiro, community-led projects are thriving,” added Ilan Zugman, Latin America managing director at 350.org. “Indigenous groups and traditional communities are also setting guidelines for how they should be consulted on renewable energy projects on their land.
“If the Brazilian government adopts policies that support these efforts, Brazil could lead the world in a people-centred energy transition. President Lula must challenge the outdated idea that fossil fuels are the path to development and instead focus on expanding access to renewable energy that benefits local communities.” Read more here.
