The pillars are rapid decarbonization of energy systems, a shift from
overconsumption toward “sufficiency” (including reduced labour hours
and raw materials use and large changes in food habits, land use and
forest cover) and a “drastic reduction in inequality of income, wealth
and power” between and within countries.
This will require significantly altering the power structures that now govern
our world and that are driving us toward calamity. It would include “hefty
wealth taxes on billionaires, sharp reductions in working hours, a change
in diets and a shift of investment from materially intense sectors, such
as industry and mining, to education and health,” the Guardian reports.
The majority of humans would benefit, as it would double the incomes
of 89 per cent of the world’s population by 2100 and keep global heating
below 2 C above the preindustrial average. It would also reduce the
average workweek to about 2.5 days, increasing leisure time.
Wealth inequality would be sharply reduced, with the poorest half of
humanity increasing its portion from two to 30 per cent, while the
billionaire class would see its share fall from six to 0.05 per cent.
“Close to 90% of the world’s population would double their income
between 2026 and 2100, and once leisure and a habitable planet
are counted, more than 99% come out ahead,” WIL co-director and
Paris School of Economics professor Thomas Piketty and others wrote in a Guardian article.
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