Wealthy 10% Drive Global Warming

A new study published in Nature Climate Change, co-authored by Sarah Schoengart of ETH Zurich and Carl-Friedrich Schleussner of the International Institute for Applied Systems Analysis, reveals that the world's wealthiest 10% are responsible for two-thirds of global warming since 1990. The research links the consumption and investment choices of high-income individuals directly to extreme climate events like heatwaves and droughts, particularly impacting vulnerable tropical regions. The study emphasizes the role of emissions embedded in financial investments and suggests that targeting the financial activities and portfolios of the wealthy through progressive taxes on wealth and carbon-intensive investments could yield substantial climate benefits. Initiatives to increase taxes on the super-rich and multinationals have largely stalled, especially since Donald Trump's return to power. Brazil, as host of the G20, pushed for a 2% tax on billionaires, but no follow-up has occurred. The findings underscore the need for climate policies that address the disproportionate responsibilities of the wealthiest members of society.