Causes.com
| 3.1.24
Richest 1% Emits More CO2 Than Poorest 66%, Report Finds
Should we make polluters pay?
What's the story?
- An Oxfam report found that the wealthiest 1% of humanity is responsible for more carbon emissions than the poorest 66%.
- At the same time, impoverished and vulnerable communities disproportionately bear the effects of climate change. The report was described as the most comprehensive study of global climate inequality.
The report
- The report demonstrates that 77 million people, all of whom earn more than $140,000 a year, accounted for 16% of all CO2 emissions in 2019. Oxfam refers to these individuals as a "polluter elite."
- Oxfam researchers found the amount of carbon released by the world's wealthiest people is enough to cause 1.3 million deaths due to extreme heat in the coming decades.
- The report says it would take 1,500 years for a person in the lower-earning 99% to produce as much carbon as the world's billionaires do in one year.
Human and environmental costs
- The U.N. found that developing countries account for 91% of climate change-related extreme weather deaths. Africa, home to roughly one-sixth of the global population and 33 of the U.N.'s least developed countries (LDCs), is responsible for only 4% of global emissions.
- Between 1990 and 2019, the emissions of the 1% were equivalent to the amount that would wipe out last year's entire harvest of EU corn, U.S. wheat, Bangladeshi rice, and Chinese soybeans.
- The carbon footprint of the 1% is 77 times higher than the highest level needed to keep global warming from exceeding 1.5 degrees C.
- Chiara Liguori from Oxfam said:
"The super-rich are plundering and polluting the planet to the point of destruction and it is those who can least afford it who are paying the highest price."
Polluter tax?
- Oxfam supports 60% wealth and windfall taxes on fossil fuel companies to fund renewable energy projects. Amitabh Behar, Oxfam International's interim executive director, said:
"Not taxing wealth allows the richest to rob from us, ruin our planet and renege on democracy. Taxing extreme wealth transforms our chances to tackle both inequality and the climate crisis."
- Many polluting industries are adamantly opposed to the "polluter pays" tax. Between 2022 and 2023, the chemical industry spent over $130 million urging Congress to oppose the tax, which would force the industry to clean up some of its most polluted sites in the U.S.
- Nevertheless, U.N. chief Antonio Guterres urged leaders of wealthy countries to use money from their fossil fuel profits to help LCDs facing adverse impacts of climate change. He said:
"The fossil fuel industry is feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns. Pollutes must pay."
Should we make polluters pay?
-Jamie Epstein & Emma Kansiz
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Companies with high carbon emissions should be taxed by governments where the emissions occur, and if the company has windfall profits then there should be a windfall tax rate. The EU has already implemented windfall profits tax.
This tax needs to be coordinated across governments so it can't be evaded by moving operations to another country just like the global minimum tax (GMT) rate was set at 15% and U.S. Treasury Secretary Janet Yellen was instrumental in coordinating this through the G7 (Canada, France, Germany, Italy, Japan, UK,US), G20 (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, US, EU), OECD (38 coutries), etc so that 140 countries have now implemented thus.
"A windfall tax is a tax levied by governments against certain industries when economic conditions allow those industries to experience significantly above-average profits. Windfall taxes are primarily levied on companies in the targeted industry that have benefited the most from the economic windfall, most often commodity-based businesses."
"Oil and gas companies are common targets of windfall taxes. The massive net income increase for oil and natural gas producers—the International Energy Agency estimates they will double from 2021 to 2022, hitting an unprecedented $2 trillion—is the current trigger for the discussion and recent imposition of windfall taxes"
"September 30, 2022, the Council of the European Union agreed to impose a "temporary solidarity contribution" on businesses in the crude petroleum, natural gas, coal and refinery sectors on profits that are "above a 20% increase of of the average yearly taxable profits since 2018." This is on top of whatever taxes they already owe in their individual countries. In each member state, proceeds are to help households and companies, and to ease the effects of high electricity prices."
"More than 140 countries have committed to implement a new global tax agreement aimed at ensuring multinational companies pay a minimum rate of tax. The deal, which was proposed by the Organisation for Economic Co-operation and Development (OECD), imposes a minimum effective rate of 15% on corporate profits."
"Janet Yellen was instrumental in securing the landmark international tax agreement at the OECD, which was signed by 137 countries in October 2021."
https://www.internationaltaxreview.com/article/2azqninipnrkq2xx5cutc/itr-global-tax-50-2022-janet-yellen
https://home.treasury.gov/policy-issues/international/g-7-and-g-20
https://www.weforum.org/agenda/2024/02/oecd-minimum-tax-rate/
https://www.investopedia.com/terms/w/windfalltax.asp
I cannot see how this would work as these industries are international. Questions: who would collect those taxes? What would be done with the money collected? Who would regulate this process? How would you guarantee the costs would just not be passed down to the consumer (you know billionaires are tax adverse)?
Im not against this. I just have questions about logistics.
There should be some structure put in place that makes the ultra rich pay for the use of their private jets and other polluting activities. Particularly, when many are not paying their share of taxes.
CO2 is not a pollutant. CO2 is necessary for life. Without CO2, plant life dies. Without plants there is no food or oxygen for us humans and other animals to breath. Google Dr. Patrick Moore and/or Dr. Willie Soon
https://www.youtube.com/watch?v=d0Z5FdwWw_c
https://lookingforliberty.com/top-climate-expert-blows-whistle-carbon-dioxide-does-not-cause-global-warming/
Tax the rich, fine the rich, make them pay. They can afford it.
Stop blaming the middle and working classes for climate change while the rich get richer and refuse to take responsibility.
I understand taxing for pollution. But who purchases all this stuff they make contributing to the pollution. It is the working class. We are the ones commuting to work with one person in each vehicle. We are the ones who purchase clothing ten throw it away. We are the ones purchasing fuel guzzling SUVs, large pickups, motorhomes, large RVs. Yes big companies are polluting to manufacture these items for us users. We no longer purchase what we need, we purchase to spend. One dollar down and a dollar a week. But we have it. Who can stop this, WE Can. We build homes as fast as we can, with the bare minimum of conservation in mind. We all contribute to the pollution factor, whether oil, plastic, carbon, gases, we are the ones who can stop it. But our attitude will not adapt to to do this.
I'm all for this tax but it should all go to cleaning up what's already been done, not to other countries for "equality" nor for subsidies for the renewables industry (which aren't environmentally friendly either). Although it really means little if nothing is done to stop the polluting going on now anyway. Afterall, there's certainly some catch, or angle, that will enable some to benefit and make money, which is likely more the whole point underneath it all. Nothing is ever as it seems when it comes to government.
Rather than tax these companies, maybe regulating they spend a portion or their profits to maintain and enhance the environment might be better.
If you tax them more, they raise prices and the consumer is the one that pays, impacting those you want to help
How you going to get the biggest polluters in the world China and India to pay up?
Billionaires buy and sell mainly Supreme Court and the republican politicians, but also some democrats, but always manipulate the American public. The greed and power they wheel behind the scenes is far more than exposed. They stick together and support a dictatorship, as they are one, but will eat their own as all dictators will do!
OF course, we should make them pay. Pay for everything!
Yes, the polluters should pay a tax. Of course, the "citizen" corporations should pay their fair of taxes along with rich 1%. Close the loop holes and the government will have enough funds. I am fed up with these freeloading rich. Of course they did purchase the republican party.
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FU china and India are the major polluters
China excepect pay to Biden
:Big Money" has been buying off our politicians and political parties for over a century and it is time to stop this abuse towards our climate for no other reason than greed and control over the masses causing the lower income brackets to foot the bill for the problem. Time to tax the nwealthiest of us, abolish all political oartoies, and allow politicians to receive campaign funding from within their own state. They are supposed to be taking care of all the people not just a select few..
It's just common sense. Companies will continue to do the cheapest thing possible without a care about those they hurt.
Yes. Polluters should pay. They won't of course, as they are the wealthiest 1% and legally bibe politicians via "campaign donations" to be able to do whatever they want.
You guys need to listening to right wing big oil and listen to millennials and gen z
Carbon tax!
Tax them back to the Stone Age
Capitalism's are against educate people, Trump put to life by his quote "I love the poorly educated". Poorly educated people will believe anything and will not question anything!
You sort of wonder what wrong with America when when Musk and Murdock are awarded for anything!
What the American people are not told is that supporting Ukraine is supporting job in the United States!