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‘It’s easy for the rich to cut carbon emissions’
“The richer you are, the easier it is to cut your personal and investment emissions,” said Max Lawson. “You don’t need a third car, or a fourth vacation, or even an investment in the cement industry. Climate Equality: A Planet for the 99%”, based on a study compiled by the Stockholm Environment Institute (SEI) and. Examined the emissions related to different income groups till the year 2019.
Who emits the most carbon?
The study was published as global leaders prepare for climate talks at the COP28 summit in Dubai later this month. Fears are growing that limiting long-term temperature rise to 1.5 degrees Celsius may soon be impossible. Among the study’s key findings is that the richest one percent globally – 77 million people – were responsible for 16 percent of global emissions related to their consumption. This equates to the bottom 66 percent of the global population by income, or 5.11 billion people.
In France, the rich emit more carbon than the poor
Income thresholds for inclusion in the world’s top one percent were adjusted by country using purchasing power parity. For example, in the US the limit would be $140,000, while in Kenya it would be around $40,000. The analysis done within the country is also explained very clearly. In France, for example, the richest 1 percent emit as much carbon in one year as the poorest 50 percent do in 10 years. Excluding the carbon associated with his investments, France’s richest man, the billionaire founder of Louis Vuitton, Bernard Arnault, has 1,270 times more carbon emissions than the average French person.
Max Lawson said, “We believe that unless governments create climate policies that are progressive, where you see the people who emit the most are asked to make the most sacrifices. In India, for example, more than 10 times more on air travel Taxes and taxes on non-green investment are higher than green investment.
Oxfam study on climate equity
While the current report only focuses on carbon related to personal consumption. “The personal consumption of the super-rich is lower than the emissions resulting from their investments in companies,” the report found. The rich have invested in polluting industries like any other investment. – A previous Oxfam study showed that billionaires were twice as likely to invest in polluting industries compared to the Standard & Poor’s 500 average.
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