1% OF THE WORLD’S WEALTHY EMIT AS MUCH CARBON AS THE POOREST TWO-THIRDS- REPORT

Mon 20 October 2023:

A study conducted by the charity Oxfam International has shown a shocking inequality in carbon emissions: five billion people, or the richest 1% of the world’s population, contribute twice as much to carbon emissions as the poorest two-thirds.

In order to address these discrepancies in the fight against climate change, the research emphasizes the necessity of tailored government policies.

The report, “Climate Equality: A Planet for the 99%,” highlights the unequal distribution of emissions linked with different socioeconomic categories up to 2019 and is based on research from the Stockholm Environment Institute (SEI). It clarifies how important income levels are in determining environmental effect.

The study discloses that the top one per cent globally, comprising 77 million people, is responsible for 16 per cent of global emissions linked to consumption—equivalent to the emissions of the bottom 66 per cent of the global population by income, or 5.11 billion people.

The income threshold for the global top one per cent varies by country, factoring in purchasing power parity.

Within-country analyses further illuminate the disparities.

In France, for instance, the wealthiest one per cent emits as much carbon in a year as the poorest 50 per cent does in ten years. Bernard Arnault, France’s richest individual and founder of Louis Vuitton, has a carbon footprint 1,270 times larger than the average French citizen when excluding emissions tied to investments.

While the study focuses on individual consumption-related carbon, it notes that the super-rich’s personal emissions are overshadowed by those resulting from their investments. Billionaires exhibit a higher likelihood of investing in polluting industries than the average investor, as revealed in prior Oxfam research.

The report’s co-author, Max Lawson, emphasizes the significance of progressive climate measures. Taxing frequent travel or charging differently for investments made in green and non-green categories are two of his recommendations. According to the research, successful regulations should make sure that people who emit more have to make greater sacrifices.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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