The Planet Can't Afford Billionaires

Time​ Magazine

5 days ago

A decade ago, world leaders agreed to a host of sustainable development goals. Today, governments are wildly off track to achieve them. Simultaneously, efforts to address global poverty and climate change have been derailed.
The problem isn't a lack of money to deliver on climate and development. Since 2015, the wealth of the world's richest 1% has surged by over $33.9 trillion, enough to end annual poverty 22 times. Private interests are hijacking efforts to fund a sustainable future. In fact, 60% of low-income countries are spending more on debt repayments than on healthcare, education, or climate adaptation, disproportionately impacting women and girls. A child born today is estimated to experience four times as many extreme weather events as someone born in 1960. You don't need to be an expert in international development to understand what it means to grow up in this reality.
To unlock public finance for development and climate goals, governments must build positive alliances. Earlier this month, world leaders convened in Seville, Spain, at the UN Financing for Development Conference to discuss how to finance global development goals. Despite the notable absence of the United States and the failure of other powerful governments to match the urgency of the debt crisis hitting Global South countries, we remain hopeful.
Civil society groups, activists, and Indigenous leaders were out in force, demanding urgent action for a just and green future. Spain and Brazil announced a new coalition to advance global efforts to tax the super-rich, joined by South Africa and Chile. Another group of eight countries, led by Barbados, France and Kenya, launched a coalition to advance solidarity levies on business and first-class flyers and heavily tax private jets, in order to support domestic revenue mobilization in Global South countries, and international climate and development finance.
Read More: The Founders Knew Great Wealth Inequality Was Dangerous
These new initiatives to tax extreme wealth and fight inequality are building important political momentum. But to truly deliver on a development financing system that works for the good of the people, we need a new rulebook for the global economy. One that democratises power and money, overcoming neocolonial and neoliberal dynamics that leave Global North countries and investors holding the purse strings.
These rules need to be agreed through inclusive multilateral fora, such as the upcoming UN Tax Convention negotiations in August, and at the UN Climate Change Conference (COP30) in Brazil. These moments could build towards an international agreement for progressive taxation of oil and gas corporations and high net worth individuals, in line with the 'polluter pays' principle, raising crucial climate and development finance that can be delivered through existing UN mechanisms.
This would be in line with public opinion: a global survey commissioned by our two organizations finds that 84% of people surveyed support giving all countries a say when global decisions on tax are made. Eight out of ten people support taxing oil and gas corporations to pay for damages caused by fossil-fuel driven climate disasters like storms, floods, droughts, and wildfires. This consensus exists across income levels and political affiliation, in all 13 countries surveyed, including Brazil, India, South Africa, and most G7 countries.
Read More: Floods are Becoming More Common. Here's What I Tell my Daughters
The scale of today's social and environmental injustices cannot be fixed through minor tweaks to the existing financial system. The political opportunity for bold action in this area is clear for all to see: 77% of respondents in the aforementioned survey said they would be more willing to support a political candidate who prioritizes taxing the super rich and polluting companies like oil, gas, and coal companies.
Will governments seize the opportunity for bold leadership and follow the wishes of the global majority? For engaged citizens and civil society, we have a critical role in keeping the spotlight on policymakers and pushing for greater ambition.
Public pressure in support of economic and climate justice is surging and we are witnessing sparks of political momentum. Only collective action and multilateral cooperation can fan it into a flame. Those obstructing the process, abdicating their responsibilities, or abstaining from diplomacy will have to eventually face the people. No individual billionaire, corporation, or country should be allowed to block the will and wellbeing of 8 billion people and the future of our planet.