Wealthiest 1% emit as much carbon as world's poorest two-thirds, Oxfam report reveals
Story highlights
Oxfam's report exposes a significant climate disparity: the world's richest one per cent, numbering 77 million, contribute as much carbon emissions as the poorest two-thirds (5 billion people).
An analysis by the nonprofit Oxfam International has exposed a stark contrast in carbon emissions, revealing that the wealthiest one per cent globally contribute as much to carbon emissions as the poorest two-thirds, comprising five billion people.
The report stresses the need for tailored government policies to address these disparities in the fight against climate change.
The report, titled "Climate Equality: A Planet for the 99%," draws on research from the Stockholm Environment Institute (SEI), highlighting the unequal distribution of emissions associated with different income groups up to 2019. It sheds light on the critical role of income levels in shaping environmental impact.
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What are the key findings?
The study discloses that the top one per cent globally, comprising 77 million people, is responsible for 16 per cent of global emissions linked to consumption—equivalent to the emissions of the bottom 66 per cent of the global population by income, or 5.11 billion people.
The income threshold for the global top one per cent varies by country, factoring in purchasing power parity.
Within-country analyses further illuminate the disparities.
In France, for instance, the wealthiest one per cent emits as much carbon in a year as the poorest 50 per cent does in ten years. Bernard Arnault, France's richest individual and founder of Louis Vuitton, has a carbon footprint 1,270 times larger than the average French citizen when excluding emissions tied to investments.
Max Lawson, co-author of the report, puts emphasis on the necessity for progressive climate policies. His suggestions include imposing taxes on frequent air travel or differentiating taxes on green and non-green investments. The report argues that effective policies should ensure those with higher emissions bear larger sacrifices.
While the study focuses on individual consumption-related carbon, it notes that the super-rich's personal emissions are overshadowed by those resulting from their investments. Billionaires exhibit a higher likelihood of investing in polluting industries than the average investor, as revealed in prior Oxfam research.
(With inputs from agencies)
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