Global Wealth Urged to Contribute More to Climate Solutions

Global wealth must contribute more to climate solutions, says Laurence Tubiana, key architect of the Paris Agreement. A global wealth tax or consumption charges are proposed, with Brazil supporting such measures. Poor nations struggle to fund climate adaptation, needing around $1tn annually.

Ideas include a frequent flyer levy, targeting the wealthy who fly more, and a carbon tax on international shipping. The richest 1% emit more greenhouse gases than the poorest 66%, yet suffer less from climate impacts. Tubiana emphasizes the need for social justice in climate measures to maintain public support.

The International Tax Task Force, co-chaired by Tubiana, explores funding ideas. Climate finance is a key focus at the upcoming UN climate summit, Cop29. While governments acknowledge the need for tax reform, national sovereignty complicates international taxation agreements.

The ITTF will rename itself to avoid legal and political sensitivities around the term "tax." Tubiana is optimistic about wealthy individuals' cooperation, especially younger generations.

Discussions also address how funds should be allocated, considering not just poverty but vulnerability to climate shocks. A "universal vulnerability index" is suggested to assess aid needs fairly, recognizing that traditional economic indicators may not reflect a country's ability to withstand climate disasters.