Universal Basic Income Could Double Global GDP While Cutting Carbon Emissions | This plan promises to double global GDP and significantly cut carbon emissions, presenting a dual solution to economic inequality and environmental degradation.

From the article: In a bold move that could transform the global economy and tackle climate change, researchers propose a universal basic income funded by carbon taxes. This plan promises to double global GDP and significantly cut carbon emissions, presenting a dual solution to economic inequality and environmental degradation.

The idea is simple: provide every person on Earth with a regular cash payment. This financial security, the study suggests, would trigger a ripple effect, boosting economic activity and leading to a more prosperous world.

The new analysis suggests that implementing a global basic income could increase the world’s gross domestic product (GDP) by 130%, while also reducing carbon emissions. The study proposes funding this ambitious initiative through a tax on carbon emissions levied on fossil fuel companies.

The researchers, led by U. Rashid Sumaila from the University of British Columbia, argue that coupling basic income with environmental protection could achieve significant global impacts. Sumaila, known for his work on ending harmful fishery subsidies, believes this approach can support sustainability without compromising livelihoods, particularly in developing countries.

The research estimates that providing basic income to the entire global population of 7.7 billion people would cost $41 trillion. Alternatively, targeting only the 9.9 million people living below the poverty line in less developed countries would require only $442 billion.

No matter how you look at it, a universal basic income scheme is exorbitant. The potential economic return, however, is substantial. Basic income for the global population could boost GDP by $163 trillion, which is about 130% of the current global GDP. This economic uplift is particularly crucial during times of crisis, such as recessions, when basic income can act as a stabilizing force, the researchers note.