“Climate equality: A planet for the 99%” Report

November 22, 2023

A recently released report highlights a glaring disparity in carbon emissions, revealing that the richest one percent of the global population emitted as much carbon as the poorest five billion people, comprising 66 percent of the world’s population.

Alarming Impact on Human Lives and Environment

The volume of emissions from the wealthiest individuals, equivalent to causing 1.3 million deaths due to heat, is a cause for concern. The report, titled “Climate equality: A planet for the 99%,” underscores the detrimental effect of the annual emissions of the super-rich, negating the carbon savings from nearly a million onshore wind turbines.

Role of the Super-Rich in Climate Breakdown

Understanding the role of the “super-rich and rich people” is deemed crucial in stabilizing the planet and ensuring a “good life” for all, according to Oxfam. The super-rich play a pivotal role in climate breakdown through their daily emissions, consumption patterns, lifestyles, investments, and holdings in heavily polluting industries. Their undue influence extends to media, economy, politics, and policymaking.

Dire Projection for Emissions in 2030

The report projects that the emissions of the top one percent are set to be over 22 times more than the safe limit required to stay below 1.5 degrees Celsius of global warming by 2030.

Calls for Government Action

Governments are urged to address the dual crises of inequality and climate change by specifically targeting the excessive emissions of the super-rich. The report advocates for investments in public services and meeting climate goals.

Taxation as a Solution

The report proposes that taxes on the wealth and income of the wealthiest could significantly reduce carbon pollution and generate over $9 trillion annually for investment in a green and equitable future. A suggested 60 percent tax on the incomes of the super-rich globally could have a substantial impact.

Impact on Vulnerable Countries

Highlighting the unequal impact of climate change, the report emphasizes that low-emitting nations, least responsible for global warming, are suffering the worst consequences. Vulnerable countries in Africa, South Asia, Central and South America, Small Island Developing States, and the Arctic are disproportionately affected.

Joint Research Findings

Referencing a joint research report by the Stockholm Environment Institute and Oxfam from September 2020, the document illustrates how the richest income groups contribute significantly to carbon emissions growth, while the impact of the poorest half of the world’s population is minimal.

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