Wealthiest to blame for nearly half of greenhouse gas emissions, study says

The wealthiest ten per cent of people in the world are responsible for almost half of all global greenhouse gas emissions since 1990, a new study claims.

The study estimated that the bottom 50 per cent of the world’s population emitted 12 per cent of global emissions in 2019, whereas the top 10 per cent emitted 48 per cent of the total.

Since 1990, the poorest half of the world population has been responsible for only 16 per cent of all emissions, scientist Lucas Chancel discovered .

This is compared to the top 1 per cent, who have been responsible for 23 per cent of the total.

However Mr Chancel, the study’s author and an economist at the World Inequality Lab, said that this estimation was based on the investments of the top 1 per cent rather than their consumption.

He wrote: “[It] appears that climate policies over the past decades have often targeted low-income and low-emitter groups disproportionately, while leaving high emitters relatively unaffected.”

Mr Chancel came to his conclusions after analysing the per-capita emissions across the world for the years between 1990 and 2019.

Exactly how much wealth a person would need to be part of the top 1, 10, or 50 per cent can depend on the global economy at a given time.

But Credit Suisse research in 2018 estimated that someone would need a net worth of $871,320 – including assets such as property – to be deemed part of the 1 per cent club.

More than 19 million Americans have this much wealth, and China comes in second place with 4.2m people with this minimum net worth, Credit Suisse reported.

Those with at least $93,170 are considered to be in the band of the top 10 per cent of richest people, according to the bank.

Having a net worth of just $4,210 places someone in the top 50 per cent.

Mr Chancel used data from the World Inequality Database to calculate the carbon footprints of individuals through their personal consumption, government spending in their name, and their financial investments.

Investments were the main contributors to emissions, he found.

Mr Chancel tweeted: “In the paper, emissions associated with the formation of the capital stock (e.g. construction of buildings or machines) are attributed to those who own or invest in that stock.

“While it’s possible to think about responsibility in many ways, it’s very hard to argue that capital-owners are responsible for no pollution and consumers are responsible for all of it.”

Mr Chancel’s paper was peer-reviewed by Dr Narasimha Rao, an associate professor of energy systems at Yale School of Environment, who told Carbon Brief that the findings were “unsurprising” but that the study “starkly reveals the need to focus on luxury emissions”.

The US has been responsible for 20 per cent of greenhouse gas emissions – the most out of all of the countries since 1850, Carbon Brief reported.

The richest 10 per cent of Americans would have to reduce their emissions by almost 90 per cent to help reach the 2030 target stipulated in the Paris Agreement, while the bottom 50 per cent of emitters would need to make little change.

The agreement is an international treaty to work toward limiting global warming to 2C, preferably 1.5C, compared to pre-industrial levels, by 2030.

Since 1850, China has produced 11 per cent of the world’s carbon emissions. But, in 2019, China surpassed the US’s share worldwide. That year, its share was recorded as 24 per cent while the US’s proportion was recorded as 18 per cent.

In China, the top 10 per cent would need to cut their carbon emissions by about 75 per cent to help reach the 2030 goal.

The study ‘Global carbon inequality over 1990 – 2019’ has been published in the journal Nature Sustainability.