PAYING FOR THE PANDEMIC AND A JUST TRANSITION - Ten proposals could raise $9.4 trillion a year – enough

This estimate is based on the global wealth tax proposal from Thomas Piketty in his latest book Capital and Ideology.34 The wealth tax is highly progressive, with the richest segments of elites paying much higher rates than the rest of society.35 A successful wealth tax would quickly shrink the fortunes of the rich, reducing the revenue raised over time. [...] On the production side, more than half of global industrial greenhouse gases (GHGs) can be traced to just 25 profitable corporate and state producers.72 On the consumption side, half of these emissions came from the world’s richest 10% of people.73 Despite being the least responsible for the crisis,74 the Global South suffers more than 90% of the costs, and 98% of the deaths associated with climat. [...] These policies are best understood as a redistribution from the Global North to the Global South – and only a first step towards addressing the systemic inequality put in place since colonial rule.100 Paying for the Pandemic and a Just Transition 17 PROPOSAL EIGHT A debt jubilee could free up the equivalent of $100 billion a year for the Global South over the next ten years.101 At the beginning of. [...] In her words, “it isn’t off the table but we don’t have the 85% voting for it.”116 PROPOSAL TEN A new Marshall Plan could raise the equivalent of at least $50 billion a year for the Global South.117 At the beginning of the pandemic, UNCTAD called for a Marshall Plan of $500 billion support for Official Development Aid (ODA) receiving countries, largely in the form of grants.118 Paying for the pand. [...] However, there are a set of public policies, where some of the revenues will be raised from the public sector in the Global North: • PROPOSAL EIGHT: A debt jubilee, of the size called for by UNCTAD, could free up the equivalent of £100 billion a year for the Global South over the next ten years.