The report by a group led by economist Thomas Piketty proposes a global progressive wealth tax between 1.5 to 3 per cent on centimillionaires to generate US$295 billion a year—of which US$91 billion could come from Asia.
However, the country’s annual budget for 2023-24 has many positives: support for domestic EV battery manufacture, green hydrogen, interstate transmission of power, pumped storage, EVs, natural farming and mangrove replantation.
Global philanthropy is not putting its muscle behind addressing the dual climate and nature crises, but it holds the key to unlocking the pace and scale required for action on climate and nature in this decisive decade.
Neo Gim Huay, Anthony Robert Hobley, Rob van Riet and Luis Alvarado
Now that the developed world has finally accepted a degree of financial responsibility for the loss and damage caused by climate change, the broader climate debate will henceforth turn on the question of liability.
Rich nations need to shift investments into renewables instead, they say. The civic space for demonstrations at this year's climate summit, held in Egypt, is more restricted than the Scotland event last year.
"Earth For All" is an update to the landmark 1972 book that warned of our unsustainable growth. Jørgen Randers, the author who worked on both titles, tells Eco-Business what is at stake if we don't fix our broken economic system.
What's it like co-writing a 3,500 page report on the dangers of climate change with hundreds of scientists worldwide, over Zoom calls during a pandemic? Eco-Business speaks to authors from the Philippines, Malaysia and Singapore who were in the thick of the action.