The Climate Wealth Gap and Exclusive Carbon Emissions
The new report, co-authored by The Guardian, international charity Oxfam, and the Stockholm Environment Institute, reveals an alarming disparity in who is causing the most harm to our planet. This report found that the world’s wealthiest 1% of people are responsible for a disproportionate amount of carbon emissions, contributing as much as the poorest two-thirds of the global population.
In 2019, 16% of global carbon emissions were directly linked to the top 1% wealthiest individuals—individuals who include billionaires, millionaires, and those earning over $140,000 annually. This group, as noted in the report, produced roughly the same amount of emissions as the poorest 66% of people, totaling upwards of 5 billion individuals.
Further analysis reveals that the top 10% of the wealth spectrum accounted for nearly 50% of resultant emissions in that year alone, demonstrating a significant collective impact on the climate. “It would take about 1,500 years for someone in the bottom 99% to produce as much carbon as the richest billionaires do in a year,” stated Chiara Liguori, Oxfam’s senior climate justice policy adviser. “This is fundamentally unfair.”
The report also highlights the shocking amount of carbon dioxide emissions directly linked to the wealthiest 1%, which totaled 5.9 billion tonnes, a figure that is attributed to having drastic potential consequences. According to the report, this level of emissions could cause global temperatures to rise to the point that it might lead to the deaths of an estimated 1.3 million people, utilizing a widely-used methodology known as the “mortality cost of carbon.”
Additionally, the report names 12 of the world’s richest billionaires who contributed an excess of 17 million tonnes of emissions from their personal homes, transportation, yachts, and investments—equivalent to the output of over 4 ½ coal power plants in a single year.
Climate change scientist William Ripple noted that the methodology and findings of the report align with previous scientific literature on the topic of carbon inequality, reinforcing the broader implications of this issue. Ripple argued that to effectively address climate change, it will be essential to significantly reduce inequality and provide support and climate compensation to regions with fewer resources.
Ultimately, the report calls for a comprehensive strategy to combat climate change and aims to break free from the trap of inequality and environmental damage. One proposed plan suggests implementing a 60% tax on the wealthiest 1%, which is projected to yield a significant reduction of 700 million tonnes in global emissions.
H2: U.N. report shows a dangerous “emissions canyon”http://www.cbsnews.com
This report was released alongside a new United Nations report on climate adaptation costs, which highlighted the increasing financial need in response to the escalating risks of climate change. The U.N. Environment Programme detailed the alarming “adaptation finance gap” that requires a significant increase in investment—between $194 billion and $366 billion annually—the vast majority of which must be committed to developing countries experiencing the severe impact of climate change.
The greenhouse gas emissions contributing to climate change have increased by 1.2% since last year, reaching record highs. The U.N. Secretary-General, António Guterres, emphasized the failure of leadership and opportunities to address this issue, which he referred to as “a canyon littered with broken promises, broken lives, and broken records.”
As we face the looming 2030 emissions projection, the world appears to fall short of its goal to keep global warming below the 1.5 degrees Celsius threshold outlined in the Paris Climate Agreement. Despite the dire circumstances, Guterres stressed the fact that renewables have never been more affordable or widely available to combat climate change, thereby laying responsibility with the world’s leaders to take action.
