G20 explores taxing richest worldwide to mitigate climate disasters

The G20 group discussed the possibility of allocating part of the revenue generated from implementing a wealth tax to help reduce disaster risks resulted from climate changes. This topic was central at the G20’s first Disaster Risk Reduction Working Group (DRRWG) meeting in Rio de Janeiro, Brazil.

Brazilian Minister of Integration and Regional Development Waldez Góes emphasised the need for resources in civil protection and defence actions, particularly for recovery and prevention, advocating for taxing the wealthiest globally to fund these initiatives, Agência Brasil reported. “We support taxing great fortunes, the richest worldwide, and allocating part of the resources to this agenda,” Minister Góes said.

He highlighted Brazil’s 10 million residents in high-risk disaster areas and stressed the urgency of international cooperation in addressing climate change-induced challenges. With Brazil holding the G20 presidency since December, priorities include global governance reform, sustainable development, and combating hunger, poverty, and inequality.

The G20, comprising 19 countries plus the European Union (EU) and African Union (AU), represents two-thirds of the global population, 85 per cent of GDP, and 75 per cent of international trade.

Attribution: Emirates News Agency (WAM) & Agência Brasil