The richest 1% of the world’s population produce 15% of the world’s carbon emissions, double the emissions of the poorest 50%. On average, they emit more than 70 tonnes of carbon dioxide per person per year, 30 times more than we can afford to emit if we try to avoid exceeding the 1.5 degrees of global warming. If we consider individuals rather than industry, 10% of European citizens are responsible for 27% of the continent’s total pollution. One of the billionaires’ favourite toys, a superyacht—which is kept on constant standby—emits around 7,000 tonnes of CO2 per year.
What would be the price for Europe to become independent from Russian energy? Since the end of February, the world’s most advanced economies have been imposing harsher and harsher sanctions against the Putin regime, and global brands have been leaving the Russian market of 144 million people. In addition, there is one measure that would hurt the Russians very much, that is the trade embargo on Russian energy. Over decades, there could be scenarios where the EU becomes independent from Russia.
Last year, many economists were expecting 2022 to be a period of strong economic rebound. Instead, stagflation is again on the cards. After the double shock of COVID-19 and the Russian invasion of Ukraine, inflation rates have exceeded expectations, while economic growth forecasts are rapidly deteriorating. Therefore the prospect of stagflation’s return strikes fear – because there are few monetary tools to address it.
But what is stagflation?
Non-fungible tokens (NFTs) are digital assets that are unique and can’t be replaced. What does this mean? Well, NFTs represent ownership of an individual object, person, or brand. Unlike cryptocurrencies like Bitcoin or Ethereum which are fungible (meaning one is interchangeable with another), each NFT is different and operates on the blockchain. There are many ways to take advantage of NFTs to create new business models.
The Organisation for Economic Cooperation and Development (OECD) announced that participants in October this year had agreed in Paris to apply a uniform corporate tax rate of 15 percent to multinational companies, including tech giants such as Google, Amazon, Facebook, Microsoft, and Apple, in order to make it harder for them to avoid taxation by setting up operations in and shifting their profits to low-tax countries.