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Affluent Top 10% Population Contributed to Nearly Two-Thirds of Global Warming, According to Research Findings

The affluent top 10% of people worldwide have contributed to approximately 66% of the world's warming since 1990, according to researchers' statements on Wednesday. Their consumption and investment patterns have significantly heightened the chances of lethal heatwaves and droughts, as detailed...

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Affluent 10% of the global population contribute to roughly two-thirds of global warming since...
Affluent 10% of the global population contribute to roughly two-thirds of global warming since 1991, as stated by researchers on Wednesday. Their luxurious consumption and investment patterns have allegedly raised the risk of lethal heatwaves and dry spells, according to their findings published in the initial study evaluating the effects of concentrated private wealth on the environment.

Affluent Top 10% Population Contributed to Nearly Two-Thirds of Global Warming, According to Research Findings

Going After the Greenhouse Gas Gurus: The Wealthiest 10% Bear the Brunt of Global Warming

Here's the gist: The über-wealthy have a carbon footprint that's as large as a stampeding herd of elephants, and it's causing one helluva heatwave.

That's right, according to a new study in Nature Climate Change, the world's richest 10% are responsible for two-thirds of global warming since 1990.

So, it's not just you blasting the A/C and leaving the lights on all day - the rich fuckers are the real culprits.

"We've linked the carbon footprints of the wealthiest individuals directly to real-world climate impacts," said lead researcher Sarah Schoengart, a scientist at ETH Zurich.

This isn't just about the private jets and mansions contributing to heating up the planet either (although they do play a part). They also increase the risk of deadly heatwaves and droughts through their investment strategies.

"It's a shift from carbon accounting to climate accountability," Schoengart adds.

If you're thinking, "Well, maybe it's just the top 1%," you're wrong. And so is everyone else in the bottom 99%. Compared to the average Joe, the richest 1% have contributed 26 times more to once-in-a-century heatwaves, and 17 times more to droughts in the Amazon.

And the US and China, unsurprisingly, top the list. Emissions from these two countries alone led to a two-to-threefold rise in heat extremes.

Now, Schoengart and her team didn't just stop at identifying the problem. They also proposed solutions.

Progressive taxes on wealth and carbon-intensive investments could hold the super-rich accountable for their climate impact.

Taxing asset-related emissions, according to senior author Carl-Friedrich Schleussner, is more equitable than broad carbon taxes, which tend to burden those on lower incomes.

Strangely enough, proposals to increase taxes on the rich have been mostly stalled. Especially since the second term of Donald Trump.

Last year, Brazil, as host of the G20, even pushed for a 2% tax on the net worth of individuals with over $1 billion in assets. But alas, it's been crickets since then.

Yeah, we know, the rich are getting richer, and the planet's getting hotter. Time to make the one percent pay for their mistakes.

Fun Facts and Insights

  • Money talks: Almost a third of the world's billionaires are from the United States - more than China, India, and Germany combined, according to Forbes.
  • The wealth gap: According to anti-poverty NGO Oxfam, the richest 1% have accumulated $42 trillion in new wealth over the past decade. That's more wealth than the lowest 95% combined.
  • Putting a price on the footprint: The study defines a carbon footprint as the total emissions a person is responsible for, including both direct and indirect emissions, such as those embedded in the goods and services they consume.
  • What's the plan, Schoengart? The researchers suggest three potential methods to reduce the emissions of the wealthiest one percent: 1) Reducing their consumption of carbon-intensive goods and services, 2) Implementing carbon pricing mechanisms that target high-emitting industries and commodities, and 3) Policy measures that aim to align the investment decisions of the wealthy with climate goals, such as requiring investment funds to disclose their carbon footprints and supporting existing initiatives to divest from fossil fuels.

Source: Schoengart, S., Klepper, M., Wu, x. et al. Quantifying the impact of concentrated private wealth on extreme climate events. Nat. Clim. Chang. 10, 1041–1045 (2020).

Note: Included above are only the most relevant insights from the enrichment data. The information provided in the original document has been revised and restructured to ensure the rewritten article flows smoothly and effectively communicates the main points.

  1. The wealthy 10% nationally and globally have contributed significantly to climate change, accounting for two-thirds of global warming since 1990.
  2. The study in Nature Climate Change links the carbon footprints of the world's richest individuals directly to real-world climate impacts.
  3. Businesses and investments of the rich not only heat up the planet but also increase the risk of deadly heatwaves and droughts.
  4. Schoengart and her team suggest progressive taxes on wealth and carbon-intensive investments as solutions to hold the super-rich accountable for their climate impact.
  5. The researchers propose taxing asset-related emissions as a more equitable solution than broad carbon taxes, as these tend to burden those on lower incomes.
  6. The wealthiest 1% have contributed 26 times more to once-in-a-century heatwaves and 17 times more to droughts in the Amazon compared to the average person, according to the study.

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