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A major study published in Nature Climate Change has found that the world’s wealthiest 10% are responsible for a staggering 66% of the global warming caused by carbon emissions since 1990. The research, led by scientists from the Berlin-based Climate Analytics think tank, reveals how the economic elite’s consumption and investment behaviours have disproportionately driven the climate crisis over the past three decades.
The analysis, which draws on a comprehensive carbon accounting method, links lifestyle emissions, such as travel and energy use, and the emissions from investment portfolios, offering a fuller picture of individual carbon footprints. The findings come amid rising concerns about climate inequality, where the people most affected by climate impacts are those least responsible for causing them.
How the Wealthiest Shape the Climate Crisis
The study defines the top 10% of emitters globally as earning more than €42,980 annually. Within this bracket, the wealthiest 1%, earning over €147,200, alone accounted for nearly 23% of emissions-induced global warming since 1990. In sharp contrast, the bottom 50% of the worldwide population contributed just 16%. This sharp disparity raises urgent questions about who is responsible for the climate emergency.
Lead author Sarah Schöngart explained the significance of these findings: “We found that wealthy emitters play a dominant role in climate change. It is the consumption of the wealthy and their investments that fuel emissions.” Despite this precise pattern, “climate policy too often targets low-income groups, for example through taxes on basic goods and services.”
Investments: The Hidden Climate Driver
One of the most overlooked aspects of the climate impact from the rich is their financial investments. The study found that a substantial share of emissions tied to the ultra-wealthy stems from their stakes in carbon-heavy industries such as oil, gas, aviation, and mining. These investment-linked emissions are rarely considered in climate discussions but represent a key area of concern.
Carl-Friedrich Schleussner, senior author of the study, noted, “Climate action that doesn’t address the role of the super-rich will not work. Our research shows that the wealthy are not only emitting more than their fair share directly, but also through the companies and sectors they invest in.” He added that the study provides “the scientific evidence for climate justice policies, for example, taxes targeted at high-emitting consumption and regulation of high-emitting investments.”
A Call for Fairer Climate Policies
The findings provide compelling justification for more progressive climate policies. Experts argue that simply encouraging individual lifestyle changes isn’t enough, and governments must implement wealth taxes, curb high-emission investments, and ensure that those with the largest carbon footprints do not block public climate finance.
Schleussner emphasised the moral dimension: “If everyone had emitted like the bottom 90%, we would have stayed below 1.5C. It’s not the general public that’s most responsible for this crisis. It’s a very specific group of people.” Schöngart added that redirecting financial flows and climate investments could provide “a solution that actually addresses the root causes of the problem.”
References:
https://www.nature.com/articles/s41558-025-02325-x
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