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Because the richest people on Earth are responsible for a large portion of CO2 emissions, they should also be taxed more heavily to compensate for them, according to one study. The burden of necessary climate protection policy has been disproportionately borne by low-income groups over the past few decades, according to a World Inequality Lab (WIL) study published on Wednesday.
“Governments need new sources of income to invest in green infrastructure,” said Lucas Chancel, WIL’s vice director.
property tax for climate protection
As CO2 emissions approach pre-coronavirus pandemic levels, the latest data from the study shows that The richest percentage of the world’s population was responsible for 17 percent of the world’s CO2 emissions in 2019. The poorest 50 percent only come close to twelve percent.
“One possibility would be a progressive, green wealth tax,” Chancellor said. Such a tool is politically more sustainable than CO2 taxes on consumption, as these would burden primarily low-income groups and would not help reduce the disproportionately high emissions of the wealthy.
Poor people pay more tax on gas and petrol
Above all, taxes on fossil fuels would have burdened low-income people. “More attention should be given to policy instruments that target wealthy groups, such as the right to invest in environmentally harmful assets such as oil, gas or coal,” the paper said.
From the end of October, governments will negotiate at the World Climate Conference (COP26) in Scotland to discuss exactly how they can meet the 2015 Paris Agreement target. At the time, the international community agreed to limit global warming to below two and, if possible, 1.5 degrees compared to the pre-industrial era.
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