The carbon emission of the world’s super-rich 1% is equivalent to two-thirds or five billion people of the global population, says a new Oxfam report. The report, released on Monday, November 20, states that the carbon emissions by the richest of individuals, 77 million globally, surged to 16% of total CO2 emissions globally in 2019.
The Oxfam report titled, ‘Climate Equality: A Planet for the 99%’ is based on research with the Stockholm Environment Institute (SEI). It has assessed the consumption and emission of the different income groups in 2019. The findings of the study highlight the massive gap between the carbon footprints of the richest individuals, whose lifestyles and investments in fossil fuels are more carbon-heavy than those of the rest of the world.
As per the Oxfam study, the outsized emissions by the rich people are enough to cause 1.3 million deaths due to heat. Reportedly, these deaths are expected to occur between 2020 and 2030.
While underlining the cause, the interim Executive Director at Oxfam International, Amitabh Behar said, “The super-rich are plundering and polluting the planet to the point of destruction, leaving humanity choking on extreme heat, floods and drought”.
He added, “For years we’ve fought to end the era of fossil fuels to save millions of lives and our planet. It’s clearer than ever this will be impossible until we too end the era of extreme wealth.”
The report suggests that the cumulative contribution to global carbon emissions by the wealthy ones is more than all the car and road transport emissions. For such a huge number, it would take about 1,500 years for the bottom-lining individuals (the rest 99%) to produce a similar amount of carbon.
The study also indicated that governments can handle the twin crises of inequality and climate change by targeting the excessive emissions of the super-rich and meeting the climate goals.
Oxfam has mentioned that a 60% tax on the incomes of the richest 1% population would help in cutting emissions by more than the total emissions in the United Kingdom. Additionally, raising $6.4 trillion a year to pay for the transition away from fossil fuels to renewable sources of energy will contribute to this goal as well.
The Oxfam study has been released two weeks ahead of the 28th United Nations Climate Summit (Cop28), which is scheduled in Dubai. The world leaders will be gathering in Dubai to discuss the impacts and the measures to control the climate change challenges.
(Edited by : Sudarsanan Mani)
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