By 2030, Carbon Emissions By World's Richest 1% Will Be 30% Higher Than Paris Agreement Levels
As the world leaders race against time to avoid a climate catastrophe caused by global warming and limit the temperature rise to below 1.5 degrees, emissions by the world's super-rich are turning out to be a major concern.
According to a new study by Oxfam, presented at the COP26 climate talks in Glasgow, the carbon footprints of the richest 1 percent of people on Earth is set to be 30 times greater than the level compatible with the 1.5¡ãC goals of the Paris Agreement in 2030.
The study carried out by the Institute for European Environmental Policy (IEEP) and the Stockholm Environment Institute (SEI), found that world's richest 1% is set to be responsible for 16% of global carbon emissions by 2030.
It estimated that between 1990 and 2015 "the consumption of the world's richest 1% drove twice the carbon emissions of the poorest half of the global population combined."
The key finding of the study include:
- The poorest half of the global population will still emit far below the 1.5¡ãC-aligned level in 2030.
- The richest 1 percent and 10 percent of people are set to exceed this level by 30 times and 9 times, respectively.
- Someone in the richest 1 percent would need to reduce their emissions by around 97 percent compared with today to reach this level.
- The total emissions of the richest 10 percent alone are set to exceed the 1.5¡ãC-aligned level in 2030, regardless of what the other 90 percent do.
Oxfam said the study indicates that a tiny elite of ultra-rich people "appear to have a free pass to pollute.''
"The emissions from a single billionaire space flight would exceed the lifetime emissions of someone in the poorest billion people on Earth,'' said Nafkote Dabi, head of climate policy at Oxfam.
Emissions caused by the wealthiest 10% alone could put the 1.5 C-goal out of reach by the end of the decade, Dabi added.
Tim Gore of the non-profit Institute for European Environmental Policy, wrote the study. He suggested that measures are needed to limit carbon emissions from luxury consumption such as mega-yachts, private jets and space travel.
Oxfam said world leaders should focus on targeting deeper emissions cuts by 2030, in line with their fair share, and ensure that the richest people worldwide and within countries make the most radical cuts. The richest citizens have the potential to speed up this process dramatically, both by leading greener lifestyles but also by directing their political influence and investments towards a low-carbon economy.
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