‘Making the Global Rich Pay for Climate and Welfare Is the Most Obvious Form of Reparations We Need’: Thomas Piketty

Key points

• A Somanchi: The key question here is how can all countries in the world reach €5,000 in per capita monthly GNI by 2100, which is slightly more than the current level in countries like the US today, while at the same time preserving planetary habitability and keeping temperature rise below 2 degrees.
• We show that this is possible under very strict conditions.
• First, all countries need to rely on low-carbon energy sources, driven by massive climate investments financed by the Global Justice Fund.
• Next, this development path requires a large reduction in labour hours, so as to limit total growth and material footprint, especially in the North;
• a major shift from material to immaterial sectors, with 43% of labour hours in education, health, and public services in all countries by 2100;