A radical socialist vision to combat global warming has been unveiled by academics, proposing measures such as halving working hours and reducing red meat consumption. The report, published by the World Inequality Lab (WIL), aims to address climate breakdown and economic fragility through a transformative approach.
Key Proposals
The plan includes substantial wealth taxes on billionaires, a reduction in annual working hours from 2,100 to 1,000 (equivalent to a two-and-a-half-day work week), and shifts in consumption habits like diet. It also calls for greater investment in education and healthcare.
Wealth Redistribution
The authors argue that decarbonisation and sustainability cannot be achieved without drastically reducing inequality. Under their proposals, the majority of the population could see an extra €5,000 (£4,324) per month by 2100, while the mega-rich would face significant losses. Global billionaire wealth would drop from six per cent to 0.05 per cent, while the poorest 50 per cent would see their share rise from two per cent to 30 per cent.
Climate and Lifestyle Changes
Reducing red meat consumption is highlighted as crucial, given its role as a leading driver of deforestation. The academics believe these changes could keep global heating below 2°C above preindustrial averages, while 89 per cent of the population would see their incomes double by 2100.
Political Context
Thomas Piketty, co-director of the WIL and professor at the Paris School of Economics, criticised nationalist and billionaire-led ideologies, stating, 'The ideology, which we see with Trump and all the little Trumps that we have all across Europe and all across the world is simply not going to deliver.' He emphasised that cooperative redistribution of resources and power is essential to avoid disastrous environmental and social outcomes.
Spending Increases
The plan also proposes doubling education spending to €8,400 (£7,250) per person and healthcare spending to €14,400 (£12,453) per person, prioritising public welfare over private profit.
