Oxfam International reported on Monday that the carbon emissions of the world's wealthiest one percent exceed those of the poorest two-thirds of the global population. This disproportionate contribution to the climate crisis by the rich was revealed ahead of the UN climate summit in Dubai. Oxfam is a British global confederation of 21 independent charitable organisations founded in 1942, dedicated to fighting poverty and injustice around the world. The report underscores the significant disparity between the lifestyles of the super-rich, which fuel global warming, and the majority of the global population who bear the brunt of the climate crisis. The consequences of the excessive emissions by the world's wealthiest one percent are severe, and It's projected to lead to an alarming 1.3 million heat-related deaths from 2020 to 2030, a number that chillingly matches the population of Dublin, Ireland. Oxfam emphasize the pressing need for significant measures to tackle the climate crisis, includes holding the richest individuals and corporations responsible for their substantial share of greenhouse gas emissions. According to the report, an individual in the bottom 99 percent would need to live for approximately 1,500 years to equal the carbon emissions of the wealthiest billionaires in just one year. This stark contrast highlights the deep-seated inequality in harmful emissions and climate change. Oxfam International proposes a 60 percent income tax to be imposed on the wealthiest one percent, as a radical solution, which is anticipated to decrease global emissions beyond the total emissions of the UK. Furthermore, it could generate an impressive annual revenue of $6.4 trillion (197 trillion Egyptian pounds). This substantial sum could serve as a critical financial resource for the transition towards renewable energy sources.
