Superyacht and private jet tax could raise urgently needed climate finance: Environment Report

Taxes on Superyachts and Private Jets in the UK could have brought in 2 billion pounds last year to provide vital funds for communities suffering the worst effects of climate change. The use of Private Jets is on the high. It recorded the second highest number of private flights in Europe, only behind France according to figures from the European Business Aviation Association.

The Kingdom is also home to a 450 strong fleet of Superyachts that contribute to immense water and air pollution and increase in the carbon footprint created by the ultra wealthy far beyond the average citizen. 

An analysis by the Oxfam International and US researchers of the luxury purchases and financial investments of 12 billionaires revealed recently that they account for almost 17 million tonnes of Carbon Dioxide and equivalent greenhouse gases annually.

The emissions are equivalent to that of powering 12 million houses or from 4.6 million coal powered power plants. This is as per conversion data from the US Environmental Protection Agency.

Chancellor of the Exchequer and UK Minister of Parliament Rachel Reeves has been called in to increase taxes on extreme wealth starting with a levy on private jets and superyachts. The Oxfam International in a statement said that this could be a fairer system to raise money to tackle the climate crisis amid the burden falling on the middle and lower income families.

Private planes are up to 14 times more polluting for each passenger than commercial planes and 50 times more polluting than trains are according to reports by Transport and Environment, a European clean energy transport campaign organisation.

The Oxfam Research Report suggests that up to 30 billion pounds could have been raised last year by introducing a higher rate of air passenger duty for private jets and also introducing a superyacht ownership tax.