Climate crisis demands fairer taxation of extreme wealth
Climate crisis demands fairer taxation of extreme wealth - The Labour Party
- Greenpeace estimates the world’s richest individuals cause almost $1 trillion in climate damage every year
- Time for a polluter pays approach to climate action
Labour climate spokesperson Ciarán Ahern TD has called for a fairer polluter pays approach to taxation and climate action following new Greenpeace analysis showing that the world’s wealthiest individuals are responsible for a disproportionate share of global emissions and climate damage.
Deputy Ahern said:
“These findings expose the extraordinary imbalance at the heart of the climate crisis. While ordinary households are being asked to change how they travel and heat their homes, a tiny group of ultra-wealthy individuals continue to generate vast amounts of emissions.
“Greenpeace estimates that the wealthiest 1% are responsible for around 40% of ownership-based emissions and that the climate damage linked to their wealth amounts to almost one trillion dollars every year. That figure should be a wake-up call for policymakers across the world.
“The climate crisis is not being driven equally by everyone. Those with the greatest wealth and the largest carbon footprints are responsible for a vastly disproportionate share of the damage. Yet too often the costs of climate action fall on working people who are already struggling with rising bills and the cost of living.
“Labour believes climate policy must be fair. We need a taxation system that reflects the principle that those who pollute most should contribute most. A polluter pays approach should not just apply to households and businesses.
“Ireland should champion a fairer international approach that places greater obligations on those generating the greatest climate damage. The climate crisis demands urgent action, a genuine polluter pays model would ensure that the super-rich contribute their fair share towards protecting our environment, investing in climate resilience and delivering a just transition for everyone.”