The report from Oxfam International revealed that the richest 1 percent of the world’s population, totaling 77 million people, produced as much carbon pollution in 2019 as the poorest 5 billion people. This staggering statistic underscores the urgent need to address the issue of extreme wealth in order to combat climate change effectively.
Amitabh Behar, the interim director of Oxfam International, emphasized the impossibility of ending the age of fossil fuels without also ending the era of extreme wealth. The report, titled ‘Climate Equality: A Planet for the 99%,’ was produced in collaboration with the Stockholm Environment Institute (SEI) and assessed consumption emissions of different income groups in 2019.
The findings of the report highlight the stark disparity between the carbon footprint of the super-rich and the majority of people around the world. The richest 10 percent were responsible for 50 percent of CO₂ emissions, and the emissions of the richest 1 percent could negate the carbon dioxide savings of nearly a million wind turbines.
Furthermore, the report reveals that the climate crisis is exacerbating inequality both between and within countries, particularly affecting those in the Global South. Oxfam calculated that implementing a 60 percent tax on the incomes of the richest 1 percent could significantly reduce CO₂ emissions and generate substantial funds to support the transition to renewable energy.
In addition to the report’s findings about carbon emissions, there is unrelated content at the end of the original content.