Richest 1% produce same carbon emissions as poorest 66%: report
WEARVALLEYMERCURY

The world’s richest 1% of individuals are liable for across the identical share of world carbon emissions because the 5 billion individuals who signify the 66% poorest, in response to a report printed Monday by Oxfam.

The charity’s analysis, carried out with the Stockholm Atmosphere Institute, discovered each teams contributed to 16% of emissions in 2019.

The wealthiest 10% had been liable for 50% of world emissions, it discovered, whereas the underside 50% had been liable for simply 8%.

Inside the prime 1%, the report hyperlinks one-third of the carbon emissions to non-public consumption within the U.S., adopted by China and the Gulf nations.

The highest 1% represents 77 million folks and is outlined within the report as having an estimated earnings threshold of $140,000 per 12 months, and a mean earnings of $310,000.

The report notes that private consumption varies relying on components equivalent to location, use of renewable power and transport — the place the very wealthiest contribute considerably extra because of using non-public jets and yachts.

It additionally consists of between 50% and 70% of emissions by the 1% coming by means of investments in firms, measured by taking companies’ reported emissions and distributing that proportionate to shareholder possession of these companies by the 1%.

Billionaire investments in polluting industries had been double that of the common investor, Oxfam and the SEI discovered.