Richest 1% produce similar carbon emissions as poorest 66%: report

Richest 1% produce similar carbon emissions as poorest 66%: report

Non-public jets are seen on the tarmac at Friedman Memorial Airport forward of the Allen & Firm Solar Valley Convention, July 5, 2022 in Solar Valley, Idaho. 

Kevin Dietsch | Getty Pictures

The world’s richest 1% of individuals are accountable for across the similar proportion of worldwide carbon emissions because the 5 billion individuals who characterize the 66% poorest, in response to a report printed Monday by Oxfam.

The charity’s evaluation, performed with the Stockholm Surroundings Institute, discovered each teams contributed to 16% of emissions in 2019.

The wealthiest 10% have been accountable for 50% of worldwide emissions, it discovered, whereas the underside 50% have been accountable for simply 8%.

Throughout the prime 1%, the report hyperlinks one-third of the carbon emissions to private consumption within the U.S., adopted by China and the Gulf international locations.

The highest 1% represents 77 million individuals and is outlined within the report as having an estimated revenue threshold of $140,000 per yr, and a mean revenue of $310,000.

The report notes that non-public consumption varies relying on components comparable to location, use of renewable vitality and transport — the place the very wealthiest contribute considerably extra as a result of using personal jets and yachts.

It additionally consists of between 50% and 70% of emissions by the 1% coming via investments in corporations, measured by taking corporations’ reported emissions and distributing that proportionate to shareholder possession of these corporations by the 1%.

Billionaire investments in polluting industries have been double that of the typical investor, Oxfam and the SEI discovered.

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