The world’s richest 1% is responsible for a disproportionate amount of carbon emissions, with the top 10% accounting for half of all CO2 emissions. This is according to a report by Oxfam, which found that people in the bottom 99% emit an average of 4.1 tons of carbon per year, while the world’s wealthiest individuals emit an average of 8,194 tons per year.
The gap between the carbon footprint of the super-rich and the rest of humanity is only widening, with people in the South feeling the brunt of climate change. The report highlights how inequality is exacerbating the effects of climate change and calls for action to address this issue.
Oxfam has calculated that a 60% tax on the incomes of the richest 1% would reduce CO2 emissions by more than the UK’s total emissions and raise $6.4 trillion per year to support renewable energy initiatives. The organization is calling on governments and businesses to take immediate action to address climate change and reduce inequality around the world.