Time For Individual Carbon Rights

The richest 10% produce about half of greenhouse gas emissions. They should pay to fix the climate; This is not simply a rich versus poor countries divide: there are huge emitters in poor countries, and low emitters in rich countries

Lucas Chancel, 2 December 2021 (UK Guardian)

“…[Climate policy] it rarely acknowledges inequality…Poorer households, which are low CO2 emitters, rightly anticipate that climate policies will limit their purchasing power…[Stronger climate action requires recognizing that] 10% of the world’s population are responsible for about half of all greenhouse gas emissions, while the bottom half of the world contributes just 12% of all emissions…[The rich emit carbon through] investments they make…The poorest half of the population barely owns any wealth, meaning that it has little or no responsibility for emissions associated with investment decisions…

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…[Countries have emissions reduction targets, but] the poorest half of the population] have already reached or almost reached the target…[while the middle classes and the wealthy] are well above – that is to say, behind – the target…[One solution is] individual carbon rights…Consider, for example, a progressive tax on wealth, with a pollution top-up…[Such taxes could make] access to capital more expensive for the fossil fuel industries…[and generate potentially large revenues for investment in] green industries and innovation...[They would be politically easier] than a standard carbon tax, since they target a fraction of the population, not the majority…[There are many potential paths, but] there can be no deep decarbonization without profound redistribution…” click here for more

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