A 60% tax on the 1% could cut emissions more than the total emitted by the UK and generate an extra $6.4 trillion a year for transitioning away from fossil fuels.
In 2019, the 1% created more carbon emissions than all car and road transport globally.
The emissions from this 1% alone could potentially cause the heat-related deaths of 1.3 million people over the coming decades.
The world's wealthiest 1% are responsible for more carbon emissions than the poorest two-thirds of the global population.
A recent report by Oxfam International has revealed that the world's wealthiest 1% are responsible for more carbon emissions than the poorest two-thirds of the global population. This elite group, comprising approximately 77 million people, accounted for 16% of all CO2 emissions in 2019. The emissions from this 1% alone could potentially cause the heat-related deaths of 1.3 million people over the coming decades.
The study, titled 'Climate Equality: A Planet for the 99%', was based on research conducted by the Stockholm Environment Institute. It highlighted the uneven distribution of emissions linked with various socioeconomic categories. Interestingly, the study also noted that emissions from the investments of the ultra-rich surpass their personal emissions. Previous Oxfam research indicated that billionaires are more likely to invest in sectors that pollute the environment.
In 2019, the 1% created more carbon emissions than all car and road transport globally. The richest 10% contributed to half of all global carbon emissions. Oxfam suggests taxing the rich and corporations to invest in renewable energy. A 60% tax on the 1% could cut emissions more than the total emitted by the UK and generate an extra $6.4 trillion a year for transitioning away from fossil fuels. Some countries have already started taxing emissions-generating behaviors of the ultra-rich, such as the purchase and use of private planes, yachts, and fossil-fuel-powered cars.
The study also notes that emissions from the investments of the ultra-rich surpass their personal emissions, with previous Oxfam research indicating that billionaires are more likely to invest in sectors that pollute the environment.
The emissions from the 1% alone would be enough to cause the heat-related deaths of 1.3 million people over the coming decades.
The article also discusses the extreme heatwave affecting parts of Brazil, the UK government's plans to spend millions of pounds helping countries prepare for future humanitarian disasters, and China's president Xi Jinping's statement that sustainable development is the 'golden key' to solving current global problems.
The 1% created more carbon emissions that year than all car and road transport globally.
Oxfam suggests taxing the rich and corporations to invest in renewable energy. A 60% tax on the 1% would cut emissions more than the total emitted by the UK and generate an extra $6.4 trillion a year for transitioning away from fossil fuels.
Some countries have started taxing emissions-generating behaviors of the ultra-rich, such as the purchase and use of private planes, yachts, and fossil-fuel-powered cars.
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The super-rich are plundering and polluting the planet to the point of destruction, leaving humanity choking on extreme heat, floods and drought.