World’s richest 1% are emitting more carbon, says Oxfam report

When you’re a celebrity or a millionaire, hopping onto your sleek private jet for a 17-minute journey to avoid a 45-minute car ride might seem like a perfectly reasonable thing to do. In the past, big names like Taylor Swift, Kylie Jenner, Steven Spielberg, and more, have all come under scrutiny after their flight emissions were made public. But just how much do these people from the upper echelons of society actually contribute to carbon emissions?

In a world facing an unprecedented climate crisis, a new study by Oxfam International has revealed a shocking disparity in carbon emissions. The study found that the richest 1% of the global population are responsible for the same amount of carbon emissions as the world’s poorest two-thirds.

More specifically, the 77 million people constituting the 1% were responsible for 16% of global emissions related to their consumption. This is the same share as the bottom 66% of the world’s population by income, or 5.11 billion people.

The authors insist that government policies must be tailored to address this inequality. “The richer you are, the easier it is to cut both your personal and your investment emissions,” said Max Lawson, who co-authored the report. “You don’t need that third car, or that fourth holiday, or you don’t need to be invested in the cement industry,” he added.

Further, the report also highlighted how the wealthy were invested in polluting industries at a much higher rate than any given investor. Previous Oxfam research has shown that billionaires are twice as likely to invest in polluting industries than the average for the Standard & Poor 500.

Oxfam demands a progressive climate policy that taxes the wealthiest carbon emitters at a higher rate. The organisation also suggests that governments implement policies such as a tax on flying more than ten times a year, or a tax on non-green investments that is much higher than the tax on green investments.

Already, the Intergovernmental Panel on Climate Change (IPCC) has warned that limiting long-term warming to 1.5°C could soon be impossible to achieve. And the report’s findings come just as world leaders prepare to meet for climate talks at the COP28 summit later this month. Oxfam is urging governments to adopt a progressive climate policy that will ensure that the wealthiest carbon emitters are held accountable for their actions.