Calls to tax super-rich for climate are gaining momentum

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🗞️ Driving the news: Climate advocates are calling for taxes on the super-rich, targeting private jets and yachts, to fund climate action
• The world’s wealthiest 1% have a carbon footprint comparable to the poorest two-thirds of the global population
• Countries like the UK could raise billions with these taxes to address the climate crisis

🔭 The context: Proposals to tax luxury assets of billionaires are gaining momentum as governments explore solutions to tackle climate change
• Oxfam research reveals the outsized environmental impact of the wealthy, with their private jets and yachts producing immense carbon emissions
• A similar wealth tax was discussed by G20 finance leaders this year

🌍 Why it matters for the planet: Taxing the super-rich could curb their disproportionate emissions and generate substantial funds for climate initiatives, addressing both inequality and environmental destruction

⏭️ What's next: As public awareness grows, countries may push for targeted climate policies that make the wealthiest polluters pay
• Potential revenue could fund green infrastructure, with an emphasis on fairness

💬 One quote: “Further steps to better tax extreme wealth are needed...making the biggest and richest polluters pay,” says Natalie Shortall, Oxfam GB’s climate justice policy adviser

📈 One stat: Oxfam estimates taxing UK superyachts and private jets could raise £2 billion (€2.4 billion) annually

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