Richest 1% responsible for as much carbon pollution as poorest 66% in the world
The richest 1% are responsible for the same amount of carbon pollution as the five billion people who make up the poorest 66% in the world.
A new report from Oxfam presented this alarming finding ahead of the UN climate summit in Dubai, amid growing fears that the 1.5°C target to shrink rising temperatures is becoming unachievable.
“The super-rich are plundering and polluting the planet to the point of destruction, leaving humanity choking on extreme heat, floods and drought,” said Oxfam International Interim Executive Director Amitabh Behar in a statement.
“For years, we’ve fought to end the era of fossil fuels to save millions of lives and our planet. It’s clearer than ever this will be impossible until we, too, end the era of extreme wealth.”
According to the report, the richest 1% (77 million people who have an average income of US$310,000) were responsible for 16% of global carbon pollution in 2019, beating out all car and road transport emissions.
Oxfam
And the effects will be devastating.
Oxfam says the disproportionate emissions of the ultra-rich will cause 1.3 million heat-related deaths. That’s equivalent to the population of Dublin, Ireland.
It predicts that most of these deaths will occur between 2020 and 2030.
Last year, celebrities like Drake and Taylor Swift were put on blast for contributing to pollution through their excessive use of private jets.
But the report says that’s only the tip of the iceberg when it comes to the super-rich’s carbon emissions.
According to Oxfam, the root of the problem is where the 1% invest their money.
Analyzing 125 of the world’s billionaires, the study found that on average, they emit the equivalent of three million tonnes of CO2 a year through their investments.
Only one billionaire had invested in a renewable energy company, while a majority of investments were in industries that fuel pollution like fossil fuels and cement.
Oxfam
So, how do we curb these emissions?
The report says 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.
On top of that, the carbon pollution the super-rich emit every year cancels out the work of nearly one million wind turbines.
This “climate breakdown” also highlights income inequality around the world, says Oxfam.
“Oxfam has seen first-hand how people living in poverty, women and girls, Indigenous communities and Global South countries are feeling the unequal brunt of climate impacts, which in turn increase the divide,” reads the report.
The solutions lie with who takes on the burden of curtailing these emissions.
Oxfam is calling on governments to fairly tax the richest 1% to help curb both climate change and inequality.
It also suggests reducing inequality through a global redistribution of incomes, providing everyone living in poverty with a minimum daily income of $25.
The report urges countries to “get off fossil fuels quickly and fairly.”
“Rich countries are disproportionately responsible for global warming and must end oil and gas production correspondingly faster,” reads the report. “New taxes on corporations and billionaires could help pay for the transition to renewable energy.”
And last, but certainly not least, Oxfam says governments should prioritize people over profits.
“We must make the connection explicitly. Not taxing wealth allows the richest to rob from us, ruin our planet and renege on democracy. Taxing extreme wealth transforms our chances to tackle both inequality and the climate crisis. These are trillions of dollars at stake to invest in dynamic 21st century green governments, but also to reinject into our democracies,” said Behar.
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