Fratzscher's climate revolution: billionaires should pay!

Fratzscher's climate revolution: billionaires should pay!

Marcel Fratzscher, known as the “top economist,” is sounding the alarm! His new idea: an “unconditional climate basic income” for citizens of the global south, which should amount to a whopping $500 billion annually. The reason for his demand is the climate conference in Baku. Fratzscher emphasizes the urgency of how the West, particularly the richest one percent, must take responsibility for advancing climate protection in the South. According to the economist, who cites various studies, investments of 2.4 trillion euros are necessary in emerging and developing countries alone.

But that's not enough! Fratzscher proposes a global minimum tax of two percent on billionaires' assets to generate $250 billion annually. And it's getting even more severe: a minimum tax on companies is supposed to reach 21 percent, while an excess profits tax is planned for fossil fuel traders who are still profitable. The goal? Financing a climate basic income that would provide two dollars per day per adult in the global south and thus promises direct help.

The West's duty

Fratzscher's plans continue! In addition to the climate basic income, he wants to eliminate state subsidies for fossil fuels. He emphasizes that these measures could not only increase social acceptance of environmental protection, but also combat global poverty. These mega-transfers from the West are intended to unleash the economic potential of the affected regions and break the poverty trap, says Fratzscher. The West must act, he demands, in view of the challenge of tackling climate change collectively.