Wealth inequality fuels climate crisis: Richest 10% to blame
Ten per cent of the richest people in the world are responsible for two-thirds of global warming. A fraction of society consumes the world's resources, and the consequences are borne by residents of the poorest parts of the world. "We link the carbon footprints of the wealthiest individuals directly to real-world climate impacts," said Sarah Schoengart from ETH Zurich.
The latest research published in the prestigious journal Nature Climate Change indicates that ten per cent of the richest people in the world have been responsible for two-thirds of global warming since 1990. The consumerism and excessive resource consumption by this group drive the climate crisis, which most affects residents of the poorest parts of the world.
Climate changes lead to extreme weather events such as floods, fires, and droughts. These phenomena affect the food market, escalate conflicts, and contribute to outbreaks of epidemics, deepening global inequalities.
Sarah Schoengart from ETH Zurich emphasises that the carbon footprint of the richest is directly linked to actual climate impacts. The richest one per cent have contributed 26 times more to heatwaves and 17 times more to droughts in the Amazon than the global average.
Is taxing the wealthiest the remedy for climate change?
Carl-Friedrich Schleussner from the International Institute for Applied Systems Analysis suggests that progressive taxation of wealth and carbon investments could help limit future climate damage. These taxes could encourage companies to invest in green technologies.
In 2021, almost 140 countries agreed to begin work on a global corporate tax. Nevertheless, this initiative has not resulted in any concrete actions. According to Forbes, almost one-third of the world's billionaires come from the United States, outnumbering the combined total of billionaires in China, India, and Germany.
Funding aid for the poorest countries meets with widespread opposition from the largest economies in the world. This, in turn, intensifies the debate on the effects of the impending climate crisis.
