Towards Global Environmental Governance

In order to finance climate change mitigation and adaptation efforts, a diversified taxation scheme is proposed. To find a fair and just distribution of the burden of climate change, a taxation mix of (1) consumption tax, (2) progressive tax and (3) inheritance tax is recommended. Consumption tax can curb harmful emissions and directly nudge behavior towards sustainability. Yet to place a fair share of the burden of climate change mitigation upon society, these taxes have to be adjusted to the individual disposable income in order to not heavier charge low-income households. Retroactive taxation of past wealth accumulation at the expense of environmental damage can be enacted through inheritance tax of the corporate sector. Industries should be taxed, when a merger or acquisition or a board member change occurs, in order to reap benefits from past wealth accumulation that potentially caused carbon emissions