The richest 1% of the world population will finish consuming their "annual quota" of greenhouse gas emissions for 2025 this Friday (10). Meanwhile, the poorest half of the population will take 1,022 days to emit the same amount of gases—almost 3 years.
This is indicated by the study "Carbon Inequality Kills," conducted by the international organization Oxfam, which discusses social and economic inequality around the world. Oxfam released the study this Friday to mark the date when the quota was consumed. The organization decided to name it "Pollutocrat Day."
Oxfam defined the annual individual quota considering emission targets set to ensure that the average global temperature does not rise by more than 1.5ºC, which scientists consider the limit for sustainable living. According to the study, this quota is 2.1 tons of carbon per person per year.
Currently, each billionaire belonging to the richest 1% of the population emits an average of 76 tons of carbon per year. Each person in the poorest half, on the other hand, emits an average of just 0.7 tons of carbon.
To limit global warming to 1.5°C, the richest should cut 97% of their emissions by 2030. “The super-rich continue to squander humanity's chances with extravagant lifestyles, polluting investments, and harmful political influence. A small elite is robbing billions of people of their future to feed their greed,” said Nafkote Dabi, Oxfam's Climate Change Policy Lead.
Oxfam's research also points out that since 1990, emissions from the richest countries have caused trillions of dollars in economic damage, extensive agricultural losses, and millions of deaths from extreme heat. “Over the last 30 years, low- and lower-middle-income countries have suffered economic damage three times greater than the amounts of climate finance pledged by rich countries,” stated the organization.
According to Oxfam, by 2050, emissions from the richest countries could lead to enough agricultural losses to feed 10 million people a year.
“Governments need to stop serving the interests of the richest. These big polluters must be held accountable,” added Dabi.
Oxfam recommends creating taxes on the richest and luxury goods, forcing corporations to cut emissions, and increasing climate finance. The organization estimates that rich countries owe around US$ 5 trillion to developing countries in what it calls "climate debt."
