Everyone should know that we are heading towards a climate catastrophe, and the best approach is to take immediate action to address the root causes. But the overly wealthy don’t seem to be feeling the pressure and taking action. Their philanthropic foundation declares a commitment to fighting climate change, but in reality they are building an endowment to save for the future.
Exceed $200 billion in donor-advised funds and more than $1.3 trillion in private foundation giving.Charitable donations to combat climate change are estimated to be climate work foundation Last year’s $7.5 billion accounted for only 0.5% of private foundations and donor-advised funds, equivalent to about 0.04% of the assets of the super-rich.
Estimated to cost $3 to $10 mega (Twelve Zeros) every year to avoid climate catastrophe. Even if they want to solve the climate problem, philanthropists will need to take extraordinary collective action to raise enough money to solve the climate problem. Only government (funded by taxing these ultra-rich donors) can do this effectively. In short, the philanthropic investments currently underway are necessary but not sufficient.
We need to let the super rich take on this role Their investments exacerbate the climate crisiscalling out their disingenuous philanthropic efforts to “fight” climate change and demanding they be held accountable for paying their fair share of taxes to fund clean energy.
Extreme inequality and concentration of wealth undermine humanity’s ability to halt climate breakdown.The richest of the rich play the biggest role in driving and accelerating the climate crisis runaway carbon footprint Due to lavish lifestyles, excessive hoarding of wealth, corporate greed and investments in polluting industries. Poor and middle-class communities that bear the least responsibility for the problem will bear the brunt of climate change’s impacts and suffer the most from changing weather patterns, destructive storms, floods, wildfires and heat waves wreaking havoc around the world loss.replace By 2050, 216 million people will have left their homes (and countries).
according to The latest dataThe world’s top 125 billionaires “have an average of 14% of their investments in polluting industries, such as fossil fuels and materials like cement… Only one billionaire in the sample invested in a renewable energy company.” Comprehensive Investing and Life The impact of this method is that each billionaire’s carbon emissions exceed 3 million tons, which is about one million times that of the average person! The same report found that through campaign contributions and lobbying, the wealthiest among us have an outsized influence on election outcomes and have more political power than anyone else to protect their investments and enact policies that benefit them. climate policy.
And therein lies the biggest problem: We must have a functioning democracy that can solve society’s most pressing problems, including climate change—an issue where an exclusive ruling class cannot control our policies. When governments are held accountable by the excessively wealthy, backroom dealings influence laws and create rules without the public knowing or having the ability to change the outcome. The only way to limit the power of the excessively wealthy is to stop the hoarding of excessive wealth.
Extremely wealthy Americans hoard their wealth through tax loopholes and preferential policies administered by an army of lawyers, accountants, wealth advisors and politicians.Four Simple Tax Solutions to Address Excessive Wealth Hoarding: Millionaires income tax,steady property taxplug the huge inheritance tax loopholes through the following methods inheritance tax or inheritance tax,at last, Changes in tax rules Promote greater, transparent and fairer charitable giving.
We are facing a collective emergency: save the planet from ourselves, and save it for ourselves. The rapidly increasing climate crisis is a class issue that affects all of humanity. The reality is that our future is interconnected – with economic and climate inequalities reinforcing each other. To develop solutions that slow or address climate change, we must address the entrenched conflicts of interest and systemic inequalities of unjust wealth systems.
Alan Davis is the chairman of the committee Excessive Wealth Chaos Institute.
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