How the Richest 10% Have Driven Two-Thirds of Global Warming Since 1990: Key Findings from a New Study

Recent research reveals that the world’s wealthiest 10% have significantly influenced global warming, accounting for two-thirds of the climate change we’ve seen since 1990. This study is groundbreaking; it connects the lifestyles and investments of the rich directly to the rise in extreme weather events, such as heatwaves and droughts.

Researchers, led by Sarah Schoengart from ETH Zurich, emphasize a shift toward “climate accountability.” They found that the richest 1% can cause up to 26 times more extreme heat events compared to the global average and significantly increase the risk of droughts in critical areas like the Amazon.

In countries like the U.S. and China, which together produce nearly half of global carbon emissions, the carbon footprints of the wealthy have led to a two-to-threefold increase in heat extremes. This upward trend is largely driven by fossil fuel consumption and deforestation. In fact, Earth’s average temperature has risen by 1.3 degrees Celsius in the last thirty years due to these activities.

By analyzing economic data alongside climate models, Schoengart and her team assessed the emissions of various income groups and their specific impacts on climate-related disasters. They highlighted that many emissions come from investment decisions, not just personal habits. This insight suggests that addressing the carbon footprints of wealthy individuals is critical for effective climate action.

Carl-Friedrich Schleussner, a senior author of the study, suggests that we can hold the rich accountable through progressive taxes on wealth, especially those who invest heavily in carbon-intensive industries. Research indicates that this approach is fairer than widespread carbon taxes, which often impact lower-income individuals more severely. For example, initiatives to tax billionaires and multinational corporations have faced significant roadblocks, especially with the political shifts in the U.S.

In 2021, Brazil advocated for a 2% tax on individuals with over $1 billion in assets during the G20 summit, but this proposal has yet to see real action. Meanwhile, almost a third of the world’s billionaires reside in the United States—more than those in China, India, and Germany combined. Over the past decade, the richest 1% have amassed an astonishing $42 trillion, making them wealthier than the bottom 95% combined, according to Oxfam.

This wealth concentration not only showcases economic disparity but also emphasizes the urgent need for solutions that target the root causes of climate change. As we face increasing climate challenges, addressing the carbon impact of the wealthiest must be part of any viable climate strategy. Ensuring that everyone pays their fair share could be a crucial step in mitigating future disasters.

For more information on wealth and climate change, you can refer to [Nature Climate Change](https://www.nature.com/nclimate) and Oxfam’s reports on wealth inequality.

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