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‘It is easier for the rich to cut carbon emissions’
Max Lawson said, “The richer you are, the easier it is to cut both your personal and investment emissions.” “You won’t need a third car, or a fourth vacation, or even invest in the cement industry. Climate Equality: A Planet for the 99%”, was based on a study compiled by the Stockholm Environment Institute (SEI) and It examined emissions related to different income groups till the year 2019.
Who emits the most carbon emissions?
The study was published as global leaders prepare for climate talks at the COP28 summit in Dubai later this month. Fears are growing that limiting long-term temperature rise to 1.5 degrees Celsius may soon become impossible. Among the study’s key findings is that the richest one percent globally – 77 million people – were responsible for 16 percent of global emissions related to their consumption. This is equivalent to the bottom 66 percent of the global population by income, or 5.11 billion people.
The rich in France are emitting more carbon than the poor
The income threshold for inclusion in the world top one percent was adjusted by country using purchasing power parity. For example, in the US the limit will be $140,000, while in Kenya it will be around $40,000. The analysis done within the country has also been explained very clearly. For example, in France, the richest 1 percent of people emit as much carbon in one year as the poorest 50 percent do in 10 years. Excluding the carbon associated with his investments, France’s richest man, billionaire founder of Louis Vuitton Bernard Arnault, has carbon emissions 1,270 times higher than the average French person.
Max Lawson said, “We believe that unless governments make climate policy that is progressive, where you will see the people who emit the most are asked to make the most sacrifices. For example a year In India, tax on air travel more than 10 times and tax on non-green investment is higher than green investment.
Oxfam study on climate equity
Whereas the current report focuses only on carbon related to personal consumption. “The personal consumption of the super-rich is less than the emissions resulting from their investments in companies,” the report found. The rich have invested in polluting industries like no other investment. – A previous Oxfam study showed that billionaires are twice as likely to invest in polluting industries compared to the average of the Standard and Poor’s 500.
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