Two-thirds of global warming caused by world’s richest 10%, study finds

The wealthiest 10 percent of the world’s people are responsible for two-thirds of the global warming since 1990, according to researchers. This is the first study to quantify the impact of concentrated private wealth on extreme climate events. “Our study shows that extreme climate impacts are not just the result of abstract global emissions. Earlier research has shown that taxing asset-related emissions is more equitable than broad carbon taxes, which tend to burden those with lower incomes. According to the antipoverty NGO Oxfam, the richest 1 percent have accumulated $42 trillion in new wealth over the past decade.