That does not solve the social issue that is at the core. A multi-billionaire won't care about the emission sequestration cost - it's simply impossible to spend down 20 billion dollars or more outside of donating all of it, which in any case only a handful of that caste does like Bill Gates, and even he has IIRC complained that it's hard to donate the money simply because it grows faster than it can be donated. Between his initial pledge in 2010 and now, despite billions of donations and a divorce, his net worth doubled [1].
If societies wish to avoid a revolution by the masses, the answer to luxury yachts and private jets must be bans and confiscations, not peanut payments. We've seen the potential for unrest with the French Yellow Vests - they started out as a protest against rising fuel prices due to a carbon tax [2], and the hike was a relatively harmless one compared to what will come should the true cost ever be reflected!
It's hard to tell if you are pro- or anti-revolution.
I think you are suggesting that banning and confiscation of rich people's CO2 emmissions is a good thing. Which kind of sounds revolutionary to me.
But you also seem to be against a carbon tax, because it would cause social unrest and lead to revolution. But also against it because it wouldn't affect rich people enough and would harm poor people.
There seems to be several obvious, non-revolutionary solutions to this, but I don't know if you're avoiding them because you want a revolution or the complete opposite i.e. you don't want any change from the status quo.
> It's hard to tell if you are pro- or anti-revolution.
Politically I am all in favor of a revolution. The amount of change necessary to fight off the worst of climate change is unfeasible to achieve in most Western societies, simply because the ones profiting off of the status quo have bought out politics and mass media (see e.g. the Murdoch empire or Fox News and their ilk) since decades, and because the ones in power have done everything they can to prevent democratic change (gerrymandering) or to dismantle trust in democracy itself ("the election was stolen!!!"). I cannot see any way that this changes without what will be effectively civil war.
Socially however? Revolutions tend to lead to an awful lot of death, suffering and instability for decades, often with an even worse outcome than the status quo - just look at what happened after the Arab Spring events. I won't shed tears for any billionaire that ends up with a punishment for their crimes against humanity no matter if they are judged by someone in this world or in whatever form of afterlife there is, but I'd like to avoid unnecessary bloodshed.
The most problematic trend I see is political radicalization: on the far-right side, propaganda and brainwashing has already led to an attempted putsch in the US, and general terrorism from the far-right has shockingly escalated - bombings, mass murder sprees with explicit fascist manifestos and general organized hate crime against anything the far-right dislikes are commonplace. And on the far-left side, we have young people who are really desperate that the planet will be unable to support human life rather sooner than later (backed by actual scientific research)... which means both sides feel that they have nothing left to lose. Obviously, the far-right side doesn't have anything but conspiracy myths (e.g. "great replacement") to back their claims.
Now, should Western countries succumb to internal conflicts - and it's way, way too likely that the next two years' elections will lead one side to that - there is something even worse at play: China and Russia will graciously take and fill whatever power gap the Western countries leave behind, and neither of these countries has a halfway decent track record regarding climate change.
tl;dr: we're fucked, one way or the other, and there is no nice and perfect happy ending I can see.
China has a decent track record on climate change.
They're aiming for net zero in 2060, peak emmisions by 2030, they've had a carbon tax for a while. They're the global hub of the solar pv, EV, lithium battery industries, already started on becoming a leader in hydrogen electrolizer production. They've been building nuclear and wind at scale, high speed rail, HVDC connectors and so on.
Why would you specifically worry about them in regards to climate change? They're not stupid, and even if they're evil and want to take over the world renewables are likely the quickest way to get there (particularly if their rivals ignore the issue for short term political gain).
I can't guarantee some perfect happy endings, but supporting carbon taxes is probably going to help a fair bit, that's why the EU and China and basically every developed nation is doing them.
I mean if I told you there's a 'flub tax' in Canada, Mexico, EU, UK, China, Japan, New Zealand but no 'flub tax' in the USA, would you guess that the 'flub tax' helps or hurts the poor?
If societies wish to avoid a revolution by the masses, the answer to luxury yachts and private jets must be bans and confiscations, not peanut payments. We've seen the potential for unrest with the French Yellow Vests - they started out as a protest against rising fuel prices due to a carbon tax [2], and the hike was a relatively harmless one compared to what will come should the true cost ever be reflected!
[1] https://www.bbc.com/news/business-62162300
[2] https://www.npr.org/2018/12/03/672862353/who-are-frances-yel...