Time to tax the richest 1% as they make it difficult to meet Paris agreement goals
The consumption of the richest people is exacerbating hunger, poverty and deaths, a report has found. If everyone emitted greenhouse gases at the same rate as the average billionaire, there is a chance of losing the carbon budget to stay under 1.5C in less than 2 days.
The Oxfam analysis comes ahead of a budget announcement in the UK, a presidential election in the US and the COP29 Summit in Baku. The upcoming climate conference is going to focus on finalising a climate finance to help nations adapt to changes and address damages.
The report calls on governments across the globe to tax the richie rich in order to limit accessive consumption and generate revenue for the transition to clean energy, besides compensating people for the brutal consequences of climate change.
Richest 1% making global climate action less yielding
Oxfam’s examination of carbon inequality found that 50 of the richest billionaires globally produce on average more carbon emissions in under three hours than the average British person does in there entire lifetime.
It also found that the super rich take 184 private jet flights in a single year on average, spending 425 hours in the air. They produce as much carbon emissions as the average person does in 300 days. The numbers are alarming and call for greater climate action.
Last year, the Guardian reported that the richest 1% – mostly in the global north – produce as much carbon pollution as the five billion people making up the poorest and most susceptible 2/3 of the human population – predominantly living in poorer countries in the global south.
