What is it about?

Goal: The current Covid-19 pandemic has raised awareness of the urgency of reforming our economy to achieve a global recovery. This endeavour will require the implementation of various strategies aiming for a system reset, at the core of which is the sustainable recovery model. In 2009 the United Nations General Assembly proclaimed 22 April as International Mother Earth Day. It was a brave act of acknowledgement that the Earth and its ecosystems are our typical home. At the same time, it is a tangible expression of the global conviction that humankind must be in Harmony with Nature to achieve a just balance among the economic, social and environmental needs of present and future generations. While the global community is actively searching for new ways to achieve sustainable development, resolved to perform an economic system reset, determined to a green recovery, why don’t we try to reform the taxing system? A right taxation system could help recover quickly and achieve a green recovery of the global economy.

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Why is it important?

While everyone has to pay tax, the truth is that some more prominent companies go to extreme measures to minimise their contribution where they are based and where they sell. The new thinking that this article aims to consider is that instead of taxing the companies for what they produce and sell, we should tally the amount of C02 a company emits in the atmosphere while making the goods and recycling them tax them accordingly.

Perspectives

Sustainable development is not the way, but the only option for the international community to embrace to achieve global economic recovery and sustain the future's challenges. The 17 UN Global Goals (or SDGs) are more than just an aspirational framework for governments. They are a roadmap for business opportunities to transform them into a successful business that can sustain the current and future challenges. A shift to a sustainable model of an economy, with more greener emphasis, could create 24 million new jobs globally by 2030 if the right policies are put in place. Only the goods and services sector can generate over US$ 2.5 trillion in annual income, and this is growing at a rate of over 8% per year. In the ancient Rome Senate, Catalina (or Cataline) was an advocate for the cancellation of debts and land redistribution. Then he went “too far” with his demands of cancelling the tax at all and was accused of leading a plot to overthrow the Roman Senate. According to Cicero, “Quo usque tandem abutere, Catalina, patientia nostra? Quam diu etiam furor iste tuus nos eludet? Quem ad finem sese effrenata iactabit audacia?” The above has the following meaning in English: “When, O Catalina, do you mean to cease abusing our patience? How long is that madness of yours still to mock us? When is there to be an end of that unbridled audacity of yours, swaggering about as it does now?”

DR Maurizio Bragagni
City University

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This page is a summary of: Sustainable development and the need to reform the carbon tax, Journal of Public Affairs, March 2022, Wiley, DOI: 10.1002/pa.2787.
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