A global movement of ordinary people working to end the age of fossil fuels and build a world of community centered renewable energy for all, 350.org has called for the urgent need for a wealth tax to combat climate change and rectify economic disparities between the Global North and South.
Speaking during the recent launch of the REPower Africa Initiative, 350.org Global campaign director Agness Hall argued that while the mechanisms for implementing a wealth tax are in place, the political will is lacking.
“A wealth tax is feasible and the systems and processes for us to implement it effectively are there, what’s lacking is political will. That’s why we’re calling on rich nations to step up,” Hall stated. Her remarks come in the wake of a recent IPSOS survey, which revealed that 70% of people in the world’s wealthiest nations support a wealth tax.
She noted the growing pressure on policymakers to deliver fairer tax systems and to use the generated revenue to address global injustices, including the climate emergency. Hall cited successful examples from countries like Colombia, Spain, and Norway, which have already implemented wealth taxes.
“Wealth taxes can be enforced successfully even when not all countries in the world adopt them and it’s paramount that a wealth tax is backed up by strong regulation,” she said. Highlighting the disparity in renewable energy investments, Hall pointed out the significant funding gap between the Global North and South.
“There is a vast investment gap between Global North and Global South countries when it comes to renewable energy. Africa, a continent that is home to three-fifths of the top solar sites in the world but where, in the last two decades, just 2% of global investments in renewable energy were made,” she said.
She stressed the need to raise billions to shift this balance and adequately fill the funding gap. Hall also addressed the broader implications of a wealth tax on international climate finance commitments. “With a successful implementation of a wealth tax, rich countries in Europe will have no excuses to hide behind their failure to meet their international climate finance commitments,” Hall said.
Interestingly, she noted that some of the world’s wealthiest individuals are themselves advocating for higher taxes. “Billionaires and the mega-rich are already campaigning and calling for higher taxes – including the patriotic millionaires in the US and over 250 billionaires and millionaires ahead of the Davos meeting earlier this year,” she said.
Hall highlighted the importance of these voices in the fight against tax injustice, but highlighted that the real responsibility lies with governments. “Ultimately, we are not asking for concessions or favours by billionaires, we are demanding that national governments implement fair and just tax policy reforms and put an end to loopholes for billionaires and tax breaks for the most polluting industries,” she said
