In view of the growing social inequalities worldwide and the worsening climate crisis, especially in the Global South, Misereor, together with Brazilian partner organisations, welcomes the initiative of Brazil's President Lula for a globally coordinated introduction of a wealth tax for billionaires.
On the occasion of the summit of G20 heads of state and government to be held in Rio de Janeiro from 18 to 19 November 2024, Misereor supports the proposal put forward by Brazilian President Lula da Silva to make super-rich billionaires more responsible for financing the common good and strengthening budgets in the South and North. According to French economist Gabriel Zucman, such a globally coordinated wealth tax could generate at least 200 to 250 billion US dollars. In addition to financing an ecological and economic transformation, part of this could also be used to accelerate the financing of the United Nations' development goals and the Paris climate targets.
"Given the urgency of climate change, it is important that we focus our efforts on effective adaptation and mitigation measures," emphasises Ana Luisa Queiroz, Project Coordinator at Misereor's Brazilian partner organisation Instituto Políticas Alternativas Para O Cone Sul (PACS). "Measures that not only reduce emissions to minimise future damage, but also prepare cities for extreme weather events, require considerably more public funding. It is therefore only fair that those who, according to an Oxfam study, contribute the most to global greenhouse gas emissions should share in the costs: the super-rich. In Brazil, for example, these are only around 50 people out of a population of more than 200 million. The G20 summit in Rio must be used to raise awareness for measures against the climate crisis and for more social justice," said Queiroz.
Growing inequalities harbour great dangers
"Growing inequalities harbour great dangers for democracies. The erosion of public services of general interest and cuts to social benefits are causing many people to turn to far-right parties. We need to restore budgetary leeway for investment in sustainable development in order to implement policies in our partner countries and in Germany that place human dignity at the centre of political decisions," explains Klaus Schilder, development finance expert at Misereor.
"We expect the German government to support globally coordinated taxation of the super-rich within the G20 as well as in Germany in favour of sustainable financing of services of general interest, climate protection and the achievement of global sustainability goals, now and in the future," says Schilder.
