A report by Oxfam has revealed that the richest 1 percent of the world’s population is responsible for producing as much carbon pollution in 2019 as the poorest 5 billion people. This shows a deep gap between the carbon footprint of the super-rich and the majority of people around the world. The report, titled “Climate Equality: A Planet for the 99%,” was based on research in collaboration with a Swedish research institute, Stockholm Environment Institute (SEI). According to SEI, a person in the bottom 99 percent emits an average of 4.1 tons of carbon per year, while each person in the top 20 billionaires emits an average of 8,194 tons of greenhouse gases per year.
This trend is particularly concerning as people in developing countries are feeling the brunt of climate change. The gap between rich and poor is only widening, with many countries already struggling to cope with its effects. Oxfam believes that it is crucial to address inequality if we want to tackle climate change effectively.
One solution proposed by Oxfam is a tax on the income of the richest 1 percent. According to their calculations, such a tax would reduce CO₂ emissions by more than UK’s total emissions and raise $6.4 trillion a year to support transition from fossil fuels to renewable energy sources. However, implementing such policies will require political will and commitment from governments worldwide.
As cryptocurrency enthusiasts, we can also play our part in reducing our carbon footprint through responsible investments and referrals programs. By choosing eco-friendly projects and using sustainable practices in our daily lives, we can make a positive impact on both our environment and our communities.