Planet millionaires are highlighted as major contributors to the climate crisis. A study outlined by Oxfam International points out that the wealthiest one percent globally account for a share of carbon emissions comparable to the world’s poorest two thirds, a group totaling about 5 billion people.
The challenge of climate action is universal, yet responsibility varies. Policy makers are encouraged to calibrate strategies to reflect these disparities. Max Lawson, co author of the report, emphasized that reducing personal and investment related emissions becomes easier as wealth grows. He noted that skipping a third car, a fourth holiday, or avoiding certain cement industry investments can make a meaningful difference.
The study, titled Climate equality One planet for the 99 percent, leverages research from the Stockholm Environment Institute and analyzes consumption emissions across income groups through 2019.
Fears rise over limiting warming to 1.5 C
Public release of this investigation coincides with upcoming COP28 climate discussions in Dubai. Concerns persist that keeping long term warming within 1.5 degrees Celsius may be out of reach, with some projections suggesting the planet could approach 3 degrees of warming.
77 million people account for 16 percent of emissions
Key findings show the world’s richest 1 percent, about 77 million individuals, are responsible for 16 percent of global emissions based on consumption during the studied period. This figure matches the total emissions produced by the bottom two thirds of the population, roughly 5.1 billion people.
The threshold for being among the world’s richest 1 percent varies by country when adjusted for purchasing power, with examples like a 140,000 US dollar threshold in the United States and around 40,000 in Kenya.
Country level analyses paint stark pictures. In France, the richest 1 percent emit as much carbon in a single year as the poorest 50 percent do in ten years. The report also notes that the footprint of Bernard Arnault, Louis Vuitton founder and France’s wealthiest person, would be substantially larger than the average French resident when accounting for investments and consumption.
Without progressive policy changes, the most prolific emitters are likely to bear the largest sacrifices, according to Max Lawson. He suggests measures such as a tax on frequent flying and higher taxes on investments that fund non green initiatives relative to green investments.
Although the study centers on emissions tied to personal consumption, it also highlights that the overall impact of the super rich is amplified by their investments in companies. The report notes that billionaires are more likely to invest in polluting industries than the general population.
Full report cited by Oxfam International highlights the discrepancy between personal consumption emissions and investment driven emissions.
Notes and citations accompany the study to provide context and attribution.