Tax The Rich To Save The Planet, Expert Suggests

As the latest report of the Intergovernmental Panel on Climate Change (IPCC) makes clear, averting the worst effects of climate change demands a profound economic transformation in the next decade.

Photo Insert: Economic inequality is reflected in climate inequality.

Achieving it will require a new social contract, based on a fairer distribution of wealth and income, Owen Gaffney, project lead of Earth4All, argued in an essay for Project Syndicate published.

In its final warning, IPCC said that “unless we halve greenhouse-gas (GHG) emissions by 2030, we will have no chance of capping global temperatures at 1.5° Celsius above pre-industrial levels.

However, achieving that target is both possible and affordable – if we ensure that the world’s wealthiest pay their fair share. During the pandemic, as more than 160 million people were pushed into poverty, the world’s 10 richest people doubled their fortunes.

The wealthiest 10% of the global population now rake in 52% of global income and hold 77% of global wealth, while the poorest 50% claim just 8% and 2%, respectively. The rich, who are champion polluters, must pay for their irresponsibility.

Economic inequality is reflected in climate inequality. As the IPCC notes, the 10% of households with the highest per capita emissions – that is, the wealthiest households globally – contribute up to 45% of consumption-based household GHG emissions.

The bottom 50% – four billion people, many of whom face severe energy insecurity – contribute between 13% and 15%. The richest 1% – 63 million people earning at least $109,000 per year – are the fastest-growing source of carbon emissions.

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