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Addressing the need for a progressive holistic tax model for sustainable development

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on or enjoy below:

🗞️ Driving the news: A Progressive Holistic Tax (PHT) model is proposed as a game-changer for sustainable development, focusing on consumer-level taxes to drive environmentally friendly purchasing decisions
• Drawing inspiration from India's Goods and Services Tax (GST) framework, this innovative approach aims to mitigate the environmental impact by influencing consumer and corporate behavior towards sustainability

🔭 The context: The world faces unprecedented environmental challenges, exacerbated by excessive consumption and a growth model reliant on fossil fuels
• Scientists warn that Earth is breaching critical planetary boundaries, highlighting the urgent need for systemic changes to prevent catastrophic climate change
• The PHT model emerges as a strategic response, aiming to realign economic activities with ecological limits through targeted taxation

🌍 Why it matters for the planet: By imposing taxes based on the environmental footprint of products and services, the PHT model encourages a shift towards sustainable consumption and production patterns 
• It addresses the root causes of environmental degradation, such as unchecked consumerism and the proliferation of non-sustainable goods, thereby promoting a circular economy and reducing greenhouse gas emissions

⏭️ What's next: Implementing a PHT model requires revising current tax structures to prioritize environmental integrity, with India and the United States identified as key nations for early adoption • This approach not only aims to fast-track the transition to green technologies but also to create a conducive environment for clean tech startups, potentially setting a global precedent for sustainable economic practices

💬 One quote: "The world has enough for everyone’s need, but not for everyone’s greed," (Mahatma Gandhi)

Click for more news covering the latest on climate change


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