Egregious ecological footprint of the super-rich

Governments could contend with inequality and climate change simultaneously

COP28 hosted by the UAE has now wound up with another set of pledges to curb global warming. Despite resistance to completely phasing out fossil fuels, consensus was finally secured to ‘transition away’ from use of coal, gas, and oil. This watered-down and vaguer consensus to move away from fossil fuels implies that climate-related threats will probably continue to intensify in coming years. Thus, the need to pay for ongoing loss and damage in the global south due to historical emissions by the industrialised world has become even more vital. Yet, the funding committed to pay for loss and damages at the latest global moot could not even muster a billion dollars. Other UAE-led initiatives to bolster climate finance, and the pledge to replenish the Green Climate Fund seem insufficient to deal with the irreversible climate-induced damage across the so-called ‘developing’ world, which requires $100 billion to $560 billion per annum.

The climate crisis is being worsened due to inequality, and climate changes will probably continue exacerbating inequality not only between countries, but within them. An Oxfam report ‘Climate Equality: A Planet for the 99%’ released this past month mentions the richest 1% are emitting as much global emissions as two-thirds of humanity combined. This report is based on research conducted by Stockholm Environmental Institute that analysed an enormous amount of data to assess consumption-related emissions patterns of varied income groups around the world. The emissions-related footprint of the super-rich considered not only their carbon-dependent lifestyles, but also their investment in polluting industries.

While the top ‘one-percenters’ have the most egregious ecological footprint, significant emissions inequalities are also evident amongst less rich people too. The richest 10% of the global population, for instance, account for half of all global emissions. The carbon footprint of 77 million rich people in 2019 thus equaled to the amount of carbon released by five billion poorer people.

Another eye-opening finding emerging from this aforementioned analysis was how the impact of global warming is being felt more forcefully in countries with greater socio-economic inequality. Comparing data on flood-related fatalities, unequal countries were found to have experienced seven times more deaths than less unequal ones.

To address global warming, the world will need to overcome the glaring problem of inequalities. In addition to pressuring richer countries with historically heavy emission footprints to pay for climate-related damages, the super-rich within both the global north and the global south must be specifically targeted to help curb climate change, and to address its unequal impact within individual states.

Governments could technically contend with the crises of inequality and climate change simultaneously. Specifically targeting the emissions of the super-rich via punitive taxation and fines could slash investment in fossil fuels, and hence lessen global emissions. Simultaneously, more incentives could be provided to hasten investment in renewable energy around the world. Oxfam has calculated that a hefty (60%) tax on the richest 1% could raise trillions of dollars to address the plight of those bearing the brunt of climate change. Such progressive resource generation measures could help revamp public services and bolster investments in remedial efforts to lessen the damage caused by impending climate disasters.

Compelling large corporations, and the billionaires who own them, to lessen their emissions footprints, and pay more for the transition to renewable energy is of course not going to be easy. Significant public pressure must be mustered to enable such a drastic global redistribution of incomes.

Unfortunately, opportunistic leaders are still able to use populist narratives to create divisiveness instead of enabling solidarity. As a result, powerful vested interests can continue ruthless extraction of natural resources, despite the devastation and deprivation caused by such irresponsible and immoral actions.

Published in The Express Tribune, December 15^th, 2023.

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