Monbiot: Make extreme wealth extinct: it’s the only way to avoid climate breakdown

The richest 1% of the world’s people (those earning more than $172,000 a year) produce 15% of the world’s carbon emissions: twice the combined impact of the poorest 50%. On average, they emit over 70 tonnes of carbon dioxide per person every year, 30 times more than we can each afford to release if we’re not to exceed 1.5C of global heating. While the emissions of the world’s middle classes are expected to fall sharply over the next decade, thanks to the general decarbonisation of our economies, the amount produced by the richest will scarcely decline at all: in other words, they’ll be responsible for an even greater share of total CO2. Becoming good global citizens would mean cutting their carbon consumption by an average of 97%.

There’s an oft-quoted axiom, whose authorship is obscure: it is easier to imagine the end of the world than the end of capitalism. Part of the reason is that capitalism itself is difficult to imagine. Most people struggle to define it, and its champions have generally succeeded in disguising its true nature. So let’s begin by imagining something that’s easier to comprehend: the end of concentrated wealth. Our survival depends on it.

I’ve come to believe that the most important of all environmental measures are wealth taxes. Preventing systemic environmental collapse means driving extreme wealth to extinction. It is not humanity as a whole that the planet cannot afford. It’s the ultra-rich.

Something to watch on the eve of huge energy price increases driving the cost of living crisis in UK

Continue ReadingMonbiot: Make extreme wealth extinct: it’s the only way to avoid climate breakdown