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Oil Change International

Climate love

Pushing for a wealth tax to help pay for loss and damage

How can we finance loss and damage for the poorest? By letting the richest (i.e. the world’s most carbon-emitting individuals) pay. A group of more than 150 leading economists from around the world has written an open letter to world leaders, calling for a wealth tax on the top 1%, to pay for the rescue of those hardest afflicted by climate disaster. Maybe we don't even need that much. The charity group Christian Aid has calculated that a wealth tax of just 0.5% could over UK’s share of loss and damage fund. Many of the wealthiest wouldn’t even notice it.  Anyhow, a tax like this makes perfect sence. The world’s wealthiest people are responsible for an outsize proportion of global greenhouse gas emissions, with the richest 1% responsible for double the carbon emissions of the world’s poorest half, according to Oxfam. The open letter was initiated by Oil Change International, a group working to expose the true costs of fossil fuels. The economists signing the letter are also demanding a stop to funding fossils — and instead making companies pay for their damages. They write: ”While low income households around the world have been pushed further into poverty over the last few years, oil and gas companies made record profits and wealthy countries continued to heavily subsidize them. This does not just defy economic justice, but climate science too.”
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  • George Kariuki

    50 w

    exploring alternative financing mechanisms is crucial for ensuring that the burden of climate change impacts is shared more equitably,

    4
    • Tabitha Kimani

      50 w

      This proposal is in order.

      6
      • Joseph Githinji

        51 w

        This is a great recommendation, this will go a long way in support to the developing nations.

        9
        • Rukia Ahmed Abdi

          51 w

          At their current economic crisis, poor countries cannot afford climate finance. It is only good if the rich countries chip in.

          14
          • Munene Mugambi

            51 w

            Tax the rich

            15
            • Elizabeth Gathigia

              51 w

              @munene_mugambi Yes I fully support, the rich countries should be taxed

              4
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