Advocates of universal basic income argue that it could combat poverty and promote economic justice, especially for Global South countries lacking the resources to implement national UBIs. A proposed solution by the nonprofit Equal Right suggests funding a global UBI through taxes on carbon extraction, wealth, and financial transactions, potentially raising $5 trillion annually.
This would provide monthly payments of $70 to individuals, significantly aiding the world’s poorest. Additionally, Equal Right advocates for a Global Commons Fund (GCF) to support a green economy and fund UBI sustainably.
The “cap and share” model, which limits carbon extraction while charging fossil fuel companies, could both fund UBI and combat climate change. This approach aligns with the goals of climate justice and economic equity, offering a transformative solution to global challenges.
SOURCE: AL JAZEERA
