Humanity can raise living standards, reduce inequality and keep global heating within a 2C rise, according to a sweeping vision for planetary survival.

The report by the World Inequality Lab (WIL) aims to be the most comprehensive attempt yet to navigate the polycrisis that is pushing the world toward climate breakdown, political extremism and ever greater economic and social tension.

It offers a set of bold policy proposals, including hefty wealth taxes on billionaires, sharp reductions in working hours, a change in diets and a shift of investment from materially intense sectors, such as industry and mining, to education and health.

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Tackling inequality is a central goal. Under the plan, the average per capita gross national income across the world would be €5,000 a month by the end of the century – an increase for almost everyone, with the greatest gains in the global south. The exception would be the mega-rich, who would be highly taxed because they are most responsible for the climate crisis. The share of global wealth held by billionaires, who make up only 0.001% of the world population, would fall from 6% to 0.05%, while the bottom 50% would see their share of wealth increase from 2% to 30%.

The other priority is reducing climate risks by cutting emissions as close to zero as possible. The report takes three mid-century scenarios for decarbonisation outlined by the International Energy Agency and projects them to 2100. Under its most ambitious plan, capital would be redirected from the world’s wealthiest individuals and invested in wind, solar and other renewable technologies to accelerate the complete decarbonisation and electrification of energy supplies by 2050. Further emissions savings would come from a reduction in working hours and the shift in diets and economic activity.