Wealthy fuel climate crisis, leaving poor to suffer
The wealthiest individuals are significantly contributing to the climate crisis. Current data indicates that only 10% of the global population is accountable for two-thirds of global warming. Climate change brings about extreme weather conditions such as floods, wildfires, and droughts. A small fraction of society excessively consumes the world's resources, but it is the residents of the poorest regions who bear the consequences.
According to Science Alert, the richest 10% of the world's population is responsible for two-thirds of global warming since 1990. Consumerism and extensive resource consumption are driving the climate catastrophe, which is most acutely felt by the poorest. Climate change is leading to more frequent fires, floods, and droughts, which disrupt food markets, escalate conflicts, and result in outbreaks of epidemics. As a consequence, global inequality not only worsens but also becomes a significant factor in the climate crisis.
The wealthiest consume, and the rest bear the consequences
Sarah Schoengart from ETH Zurich, the lead author of the study, highlights that the carbon footprint of the wealthiest is directly connected to tangible climate impacts. Compared to the global average, the wealthiest 1% contributed 26 times more to heatwaves and 17 times more to droughts in the Amazon. Their excessive consumption renders Earth increasingly inhospitable for its inhabitants.
We need systemic changes
The greatest harm is caused not by personal consumption but by emissions linked to investments and overproduction. While individual actions are important, systemic changes are essential to make a significant impact. Carl-Friedrich Schleussner from the International Institute for Applied Systems Analysis suggests that progressive taxation on wealth and carbon investments could reduce future climate damage.
Researchers assert that taxing environmentally harmful industries progressively could significantly mitigate climate change. Such taxes would provide a strong economic incentive to curtail greenhouse gas emissions. In this system, increased emissions would result in higher costs for companies, encouraging investment in cleaner technologies, improvements in energy efficiency, and a shift towards more sustainable business models.
Studies indicate that taxing emission-producing assets benefits society more than carbon taxes that impact lower-income individuals. Despite this, initiatives to tax corporations are continually obstructed, with all proposals currently stagnant.
Global corporate tax
In 2021, nearly 140 countries agreed to discuss a global corporate tax; however, the initiative did not lead to tangible actions. According to "Forbes," nearly a third of the world's billionaires hail from the USA, exceeding the numbers from China, India, and Germany combined. Efforts to provide financial support for the poorest countries face strong opposition from global economies, intensifying debates about the repercussions of the looming climate catastrophe.
