CNBC
January 26, 2021
The richest of the rich are polluting the world and driving climate change, while the poorest of the poor suffer the greatest consequences, according to a new report published Monday by Oxfam International.
The richest 1% of the global population have used two times as much carbon as the poorest 50% over the last 25 years, the nonprofit’s report says.
When fossil fuels (which are carbon-based) are burned in factories or jets, for example, carbon dioxide is produced. Carbon dioxide emissions trap heat in the earth’s atmosphere, resulting in the warming of the planet. The burning of fossil fuels and processes that generate carbon dioxide emissions are major drivers of economic productivity and wealth.