German government not considering billionaire 'climate tax' – finance ministry

The German finance ministry is not considering a “climate tax” on the super rich, newspaper taz reported. In an answer to a parliamentary query by Green Party lawmaker Lisa Badum, the ministry argued that those who contribute more to climate change already bear a larger share of the associated costs. It cited the design of climate-related taxes and levies, which generally follow the "polluter pays" principle.

Badum asked if the federal government had examined whether multimillionaires – who, "due to their lifestyles and assets, bear a disproportionately large share of responsibility for the climate crisis" – should make a commensurate financial contribution to climate protection.

"The federal government has not conducted an assessment along the lines of the question posed," said Michael Schrodi, parliamentary state secretary at the finance ministry. 

CO₂ pricing is already levied EU-wide for electricity generation and industry, and by Germany itself for transport and heating. Companies generally pass these costs on to consumers, the taz noted. “Consequently, anyone who consumes more gasoline – for instance, by driving a heavy car – or uses more gas to heat a large villa than the average person, pays a correspondingly higher CO₂ price.”

However, the super-rich’s poor climate footprint is driven not only by their own consumption but also by the ‘work of money’ when it is invested in fossil-fuel-related business sectors, taz wrote.

Badum is calling for a billionaire tax and channelling the resulting revenue into a "climate bonus" (Klimageld) payment to all citizens aimed at easing the financial burden of climate policies.