The European tax think tank, EU Tax Observatory, has recommended a global minimum tax of 2% on billionaires' wealth, which could generate around $250 billion annually. They also called for a strengthened global minimum tax on multinational companies, which could raise an additional $250 billion per year. The think tank's Global Tax Evasion Report also highlighted the need for $500 billion annually to address climate change challenges. Other recommendations included reforming the international agreement on minimum corporate taxation and creating a global asset registry to combat tax evasion.