A new study has revealed that the wealthiest 10% of the global population are responsible for two-thirds of global warming since 1990. This research highlights the significant role that the rich’s consumption and investment patterns have played in fueling extreme climate events like deadly heat waves and droughts. For the first time, researchers have measured the direct impact of concentrated wealth on climate change, shifting from carbon accounting to what they call “climate accountability.”
The study, published in Nature Climate Change, found that the wealthiest 1% alone contributed 26 times more to rare heatwaves and 17 times more to droughts in the Amazon than the global average. Particularly high emissions from the wealthiest individuals in countries like the United States and China—two nations responsible for almost half of global carbon pollution—have significantly increased the frequency and severity of extreme weather events.
The findings underscore how the wealthy’s carbon footprints, resulting from their personal consumption and financial investments, contribute heavily to global warming. According to the researchers, more affluent individuals’ investments in fossil fuels and deforestation have led to a 1.3-degree Celsius increase in Earth’s average surface temperature in the past three decades.
Lead author Sarah Schoengart from ETH Zurich noted that this study links the carbon footprints of the wealthiest people to real-world climate impacts, offering a new approach to understanding climate responsibility. The study emphasizes the need to hold the wealthy accountable for their outsized effect on the environment, particularly through progressive taxes on wealth and carbon-heavy investments.
The research points to the potential benefits of taxing the assets of the ultra-wealthy, as such policies would more effectively address the imbalances caused by disproportionate emissions. However, discussions on increasing taxes on billionaires and large multinational corporations have stalled recently, especially after political setbacks in key countries.
Despite efforts by some nations, such as Brazil, to push for a wealth tax, the global conversation on taxing the wealthiest individuals and corporations for their environmental impact has yet to lead to significant action. The study highlights that effective climate action will remain elusive without addressing the wealthiest’s role in climate change.
