The wealthiest 10% of people in the world are responsible for two-thirds of global warming since 1990, according to a study that quantifies for the first time the impact of private wealth concentration on extreme climate events.
“We establish a direct link between the carbon footprint of the wealthiest individuals and climate impacts,” said Sarah Schongart of the University of Zurich, lead author of the study published Wednesday in Nature Climate Change. “This shifts the focus from carbon emission accounting to climate responsibility,” she added.
Emissions from the top 10% of the wealthiest individuals in China and the United States, who alone account for nearly half of the world’s carbon-related pollution, have doubled or tripled instances of extreme heat, the study shows.
Compared to the global average, the top 1% of the wealthiest have contributed 26 times more to centennial heatwaves and 17 times more to droughts in the Amazon.
To reach these conclusions, Schongart and her colleagues combined economic data and climate simulations to trace emissions from different global income groups and assess their impact on specific types of extreme weather related to climate change.
The researchers also highlighted the significant role of financial investments in greenhouse gas emissions, beyond personal lifestyle or consumption by the wealthiest individuals.
“Curbing climate change without addressing the overwhelming responsibilities of the richest risks missing out on one of the most potent tools we have to reduce future damage,” said Carl-Friedrich Schleussner, director of the Integrated Climate Impacts Research Group at the International Institute for Applied Systems Analysis near Vienna.
He noted that capital holders could be held accountable for their climate impacts through progressive taxes on wealth and carbon-favouring investments.
Previous research has shown that taxing emissions related to assets is fairer than carbon taxes applied across the entire population, which tend to burden lower incomes more heavily.
Last year, Brazil advocated for a 2% tax on the net wealth of individuals holding more than $1 billion in assets. Although G20 leaders agreed to “cooperate to ensure effective taxation of wealthy individuals,” recent initiatives on this front have largely stalled, particularly since Donald Trump took office in the White House.
