Contemporary discussion of climate policy rarely acknowledges inequality.

However, 10% of the world’s population is responsible for about half of all GHG emissions, while the bottom half of the world contributes just 12% of all emissions. This is not simply a rich versus poor countries divide: there are huge emitters in poor countries, and low emitters in rich countries.

Why do these inequalities matter? After all, shouldn’t we all reduce our emissions? Yes, we should, but obviously some groups will have to make a greater effort than others.

At the world level, a modest wealth tax on multimillionaires with a pollution top-up could generate 1.7% of global income. This could fund the bulk of extra investments required every year to meet climate mitigation efforts.

According to Lucas Chancel, co-director of the World Inequality Lab, and affiliate professor at Sciences Po, it’s time for us to acknowledge there can be no deep decarbonisation without profound redistribution of income and wealth.

What do you think? And most importantly, what would you be willing to give up in the time race to save the planet?