Submission Number: 1512
Submission ID: 19926
Submission UUID: 6a22df3d-c265-4b72-beee-83a3fc2ce0ad

Created: Mon, 01/13/2025 - 11:31
Completed: Mon, 01/13/2025 - 11:31
Changed: Thu, 01/16/2025 - 14:02

Remote IP address: 94.205.208.219
Submitted by: Anonymous
Language: English

Is draft: No

Flagged: Yes
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Submitted Comment
Adnan Aboobacker
Think tank
Climate tax

Climate tax includes carbon tax,esr,sustainability which includes corporates,high and medium networth individuals: Insight on California’s Climate Disclosure and Sustainability-Related Taxation Programs

California’s corporate greenhouse gas (GHG) reporting and climate-related financial risk disclosure programs are pivotal steps towards enhanced transparency and accountability in addressing climate change. With the recent climate disclosure legislation, businesses are required to report their emissions and assess how climate risks impact their financial health. This aligns with California’s broader sustainability and net-zero objectives, creating a framework for responsible corporate behavior.

Commenting on Potential Additional Insurances or Taxes:
Implementing mandatory taxes or insurance programs focused on climate and sustainability for corporations and high- to medium-net-worth individuals (HNWIs and MNWIs) raises critical considerations:
1. Corporate Taxation for Sustainability: Additional green taxes for corporations could incentivize businesses to adopt eco-friendly practices, reduce emissions, and invest in renewable technologies. However, these taxes should be scaled based on emission levels and industries, ensuring they promote behavioral change without unduly burdening smaller businesses.
2. HNWIs/MNWIs Responsibility: Targeted sustainability-related taxes for HNWIs/MNWIs could fund climate resilience projects or community-based green infrastructure. However, such taxes must balance fairness and efficiency to avoid deterring investment in California’s economy.
3. Insurance for Climate Risks: Mandatory climate risk insurance for businesses could mitigate losses from environmental disasters while encouraging risk reduction. Insurers must work with regulators to design affordable premiums that reflect companies’ adherence to climate standards.

These measures, implemented thoughtfully, could transform California into a global leader in sustainability while ensuring economic inclusivity and resilience.

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