In a groundbreaking report titled "Climate Equality: A Blueprint for the 99%," Oxfam has called on governments worldwide, including Kenya, to implement a series of innovative taxes aimed at billionaires and corporations to mitigate the impact of climate change.
The comprehensive report suggests that these proposed taxes would play a pivotal role in reducing emissions and addressing the challenges posed by climate change. Individuals found to be profiting from activities contributing to environmental pollution could also face financial penalties if the recommendations gain widespread acceptance.
The report emphasizes that the substantial funds generated through these new taxes could be strategically invested in public services, technologies, and products specifically tailored for the benefit of the majority, with a particular focus on women and marginalized racial groups.
Governments embracing these tax measures are encouraged to center them on aviation-related levies and luxury travel, ensuring that the wealthiest individuals bear a higher financial burden. Specifically, Kenya is urged to deter excessive flying by implementing taxes on frequent flyers and reconsidering the tax-free status currently enjoyed by aircraft fuel.
"Increase taxes on or prohibit luxury products and activities with excessive carbon footprints, ranging from SUVs to yachts, private jets, and space tourism," states the report, underlining the need for immediate action to curtail carbon-intensive practices.
Oxfam asserts that affluent nations and individuals bear the greatest responsibility and capability to reduce emissions, urging them to phase out the use of fossil fuels. The organization further calls for a halt to the issuance of new licenses and the expansion of coal, oil, and gas exploration, extraction, or processing.
To dissuade environmentally harmful investments, Oxfam recommends the introduction of a supplementary wealth tax and a flat carbon tax. These measures are seen as crucial for both emission reduction and the generation of climate finance.
In the corporate sector, the government is advised to implement permanent, automatic windfall profit taxes on large corporations that exhibit super profits across various sectors, with suggested tax rates ranging from 50-90%. This, Oxfam argues, is essential to prevent crisis profiteering and promote social and economic equality.
Furthermore, Oxfam advocates for the swift implementation of proven policies aimed at significantly reducing the wealth and income gap between the wealthiest individuals and the general population. The organization contends that only by addressing inequality can a sustainable and equitable transition away from fossil fuels and excessive consumption be achieved, securing a better life for all while safeguarding the planet.