Schoengart and colleagues mixed financial knowledge and local weather simulations to hint emissions from completely different international revenue teams and assess their influence on particular forms of climate-enhance excessive climate.
The researchers additionally emphasised the position of emissions embedded in monetary funding somewhat than simply way of life and private consumption.
“Local weather motion that does not deal with the outsized duties of the wealthiest members of society danger lacking one of the highly effective levers we now have to cut back future hurt,” stated senior writer Carl-Friedrich Schleussner, head of the Built-in Local weather Impacts Analysis Group on the Worldwide Institute for Utilized Techniques Evaluation close to Vienna.
BILLIONAIRES TAX
Homeowners of capital, he famous, might be held accountable for local weather impacts by way of progressive taxes on wealth and carbon-intensive investments.
Earlier analysis has proven that taxing asset-related emissions is extra equitable than broad carbon taxes, which are likely to burden these on decrease incomes.
Current initiatives to extend taxes on the super-rich and multinationals have largely stalled, particularly since Donald Trump regained the White Home.
Final yr, Brazil – as host of the G20 – pushed for a two-per cent tax on the web price of people with greater than US$1 billion in belongings.
Though G20 leaders agreed to “interact cooperatively to make sure that ultra-high-net-worth people are successfully taxed”, there was no follow-up so far.
