A recent report by Oxfam reveals that the wealthiest 1% of the global population generated as much carbon pollution in 2019 as the poorest two-thirds of humanity, consisting of five billion people. 

This alarming discrepancy, outlined in the report titled “Climate Equality: A Planet for the 99%,” underscores the outsized carbon emissions of the super-rich and the detrimental impact on global climate and inequality.

The carbon emissions of the richest 1%, totaling 16% of global consumption emissions in 2019, are projected to result in 1.3 million excess heat-related deaths between 2020 and 2030, akin to the population of Dublin, Ireland. 

Oxfam emphasizes the urgent need to address extreme wealth and its associated carbon-hungry lifestyles, asserting that meaningful progress in curbing global warming is unattainable without confronting the era of extreme wealth.

The report, drawing on research by the Stockholm Environment Institute, exposes the stark contrast between the super-rich and the majority of the world’s population. 

The wealthiest 1%, comprising 77 million people, accounted for emissions equivalent to all car and road transport emissions, while the richest 10 percent contributed half of global emissions. The report underscores the persistent inequality, noting that it would take nearly 1,500 years for someone in the bottom 99% to produce as much carbon as the richest billionaires do in a year.

To break the cycle of climate breakdown and inequality, Oxfam urges governments to implement measures such as a 60% tax on the incomes of the richest 1 percent. 

This tax could not only significantly reduce emissions but also raise $6.4 trillion annually to finance the transition from fossil fuels to renewable energy. The report emphasizes the interconnectedness of addressing extreme wealth, inequality, and the climate crisis, calling for a transformative approach to taxation, global redistribution of incomes, expedited fossil fuel phase-out, and a reevaluation of progress indicators beyond GDP growth.

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