Oxfam, a global non-governmental organization, announced on Monday that the richest 1 percent of the world’s population produced as much carbon pollution in 2019 as the poorest 5 billion people. The report, titled “Climate Equality: A Planet for the 99%,” was based on research in collaboration with a Swedish research institute, the Stockholm Environment Institute (SEI), and assesses consumption emissions of different income groups in 2019.
According to the report, the super-rich are responsible for half of CO₂ emissions and each year, their emissions wipe out the carbon dioxide savings of nearly a million wind turbines. The gap between rich and poor is only widening and is exacerbating inequality between and within countries. Oxfam calculated that a 60 percent tax on the incomes of the richest 1 percent would reduce CO₂ emissions by more than the UK’s total emissions and raise $6.4 trillion a year to support the transition from fossil fuels to renewable energy.