A wealth tax on the richest 1%
Fossil fuel corporations are responsible for 70% of global emissions and have been making record profits over the last year. Meanwhile billionaires are generating a million times more emissions than the average person.
Governments should tax wealth to dramatically reduce the cumulative emissions of the richest and raise billions of dollars that can be used to help countries cope with the brutal impacts of climate breakdown and the losses and damages incurred.
For example, an annual wealth tax of up to 5 percent on the world’s multi-millionaires and billionaires could
raise $1.7 trillion a year.
In addition, steep rates of top-up taxation should be implemented on wealth generated from polluting industries. Such a tax has been proposed by economists Thomas Piketty and Lucas Chancel, who calculate that, globally, an additional tax rate of 10% on polluting assets owned by billionaires could raise at least $100bn a year and would also help to discourage investors from putting their money into polluting industries.
Tax or outright ban the planet-wrecking luxuries of the super-rich
Governments should heavily tax, or in some cases simply ban, the climate-wrecking purchases of the ultra- wealthy including mega yachts, private jets, and space tourism.
Taxing fossil fuel corporations
Governments should create a permanent tax of up to 90% on the excess profits of fossil fuel companies [and other polluting corporations]. The tax should kick in when profits are in excess of 10% average, and also work in combination with removing any subsidies for fossil fuel production.