America’s wealthiest people are also some of the world’s biggest polluters – not only because of their massive homes and private jets, but because of the fossil fuels generated by the companies they invest their money in.
A new study published Thursday in the journal PLOS Climate found the wealthiest 10% of Americans are responsible for almost half of planet-heating pollution in the US, and called on governments to shift away from “regressive” taxes on the carbon-intensity of what people buy and focus on taxing climate-polluting investments instead. “Global warming can be this huge, overwhelming, nebulous thing happening in the world and you feel like you’ve got no agency over it.
A household making $980,000 from certain fossil fuel industries, for example, would be considered a super-emitter, according to the report. But a household making money from the hospital industry would need to bring in $11 million to produce the same amount of planet-heating pollution. The report’s authors call on policymakers to rethink how they use taxes to tackle the climate crisis.
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