German minister calls on 'superrich' to pay for climate

World Thursday 25/April/2024 16:29 PM
By: DW
German minister calls on 'superrich' to pay for climate

Berlin: German Development Minister Svenja Schulze on Thursday called for greater contributions from the world's richest people to protect the environment.

"Billionaires have the greatest CO2 footprint but still contribute far too little to the solution," Schulze said ahead of the Petersberg Climate Dialogue in Berlin.

The German minister expressed her support for the Brazilian proposal to tax the superrich to help pay for projects necessary to tackle the threats of global warming.

Schulze called for "record-breaking efforts for global climate protection" as diplomats met in the German capital to take part in the two-day summit that includes German Chancellor Olaf Scholz, Vice Chancellor Robert Habeck and Foreign Minister Annalena Baerbock.

The aim of the dialogue is mainly to prepare for this year's COP climate meeting in the Azerbaijani capital Baku.

"The diagnosis is clear," Schulze said. "Public funds alone will never be enough to cover the needs for climate investments.

"At the same time, there is enough wealth and money in the world. That's why the initiative by the Brazilian G20 presidency to finally tax the global superrich fairly is so important," she added.

The minister, a member of Scholz's Social Democratic Party, stressed that progress has already been made.

"With the World Bank reform, we've been able to secure an additional $70 billion (€65 billion) in investments over the next years in climate protection and other global challenges," she said.

"Last year also a non-traditional donor, the [United Arab] Emirates joined us in paying into a new UN climate fund, the Loss and Damage Fund," Schulze added.