Revealed: How the Wealthiest 10% Are Responsible for Two-Thirds of Global Warming, According to New Study

New research reveals that the richest 10% of people are behind two-thirds of global warming since 1990. This study highlights how the way wealthy individuals live and invest contributes significantly to climate change, raising the stakes for dangerous weather events like heat waves and droughts.

Lead author Sarah Schoengart from ETH Zurich states, “We connect the carbon footprints of the wealthiest to real climate impacts.” This marks a shift towards holding individuals accountable for their carbon output.

For example, the top 1% are responsible for 26 times more emissions that lead to century-level heat waves and 17 times more for droughts in the Amazon rainforest. In the U.S. and China, which contribute to nearly half of the world’s carbon pollution, emissions from the wealthy have doubled or tripled the occurrence of heat extremes.

The study combines economic data with climate simulations to track emissions by income groups and their effects on extreme weather. Researchers argue that it’s crucial to consider emissions tied to investments as well as personal consumption.\

Carl-Friedrich Schleussner, senior author and climate researcher, emphasizes that failure to address the wealthiest individuals’ responsibilities will hinder climate action. He suggests implementing progressive taxes on wealth and high-emission investments as a way to hold the rich accountable.

Many previous studies indicate that taxing emissions linked to wealth can be fairer than general carbon taxes, which often affect lower-income groups more harshly.

Despite discussions about increasing taxes on the super-rich and large corporations, progress has been slow. Last year, Brazil proposed a 2% tax on individuals worth over $1 billion during the G20 summit. Although leaders agreed to take action, no steps have been finalized yet.

In 2021, nearly 140 countries signed off on a plan for a global corporate tax, but negotiations have stagnated. According to Forbes, over a third of billionaires reside in the U.S.—more than in China, India, and Germany combined.

Oxfam, an anti-poverty group, reports that the top 1% has amassed $42 trillion in new wealth over the past decade, having more than the bottom 95% combined. This stark contrast raises questions about fairness and responsibility regarding climate change.

As awareness grows about the impact of wealth on the environment, the call for accountability in both actions and policies becomes increasingly urgent.

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environment, climate change, wealth, global economy, fossil fuels, deforestation