Carbon Aristocrats Account for 15% Global Emissions

The emergence of a 'carbon aristocracy' has raised concerns about the significant role of wealthy individuals in contributing to global CO2 emissions, with millionaires responsible for 15% of emissions while the poorest half contribute only 8%. This class is projected to grow to over 65 million by 2028, predominantly in the United States and emerging economies, and they share an extravagant lifestyle that includes private jets and multiple homes. Meanwhile, Canada is exploring various climate policy scenarios to achieve net-zero emissions by 2050, with the potential for significant reductions in emissions across multiple sectors. The Canadian scenarios range from a 'No-Policy' baseline to equity-based approaches that account for historical carbon debts. Furthermore, progress in carbon removal technology is being supported by federal funding, amid concerns about potential policy rollbacks under the current administration. The discourse around addressing the privileges of the wealthy is essential for meeting global emissions goals and ensuring equitable climate action.