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

https://www.theguardian.com/commentisfree/2021/nov/10/extreme-wealth-polluting-climate-breakdown-rich

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

COP26 News review day 12

The final day of the COP26 summit.

Honest Government Ad | Net Zero by 2050 (feat. Greta Thunberg)

Hundreds of global civil society representatives walk out of Cop26 in protest

Carrying blood-red ribbons to represent the crucial red lines already crossed by Cop26 negotiations, hundreds of representatives of global civil society walked out of the convention centre in Glasgow on the final morning of the summit in protest.

The audience at the People’s Plenary in the conference blue zone heard speakers condemn the legitimacy and ambition of the 12-day summit before walking out to join protesters gathered on the streets beyond the security fencing.

“Cop26 is a performance,” the Indigenous activist Ta’Kaiya Blaney of the Tla A’min Nation told the meeting before the walkout. “It is an illusion constructed to save the capitalist economy rooted in resource extraction and colonialism. I didn’t come here to fix the agenda – I came here to disrupt it.”

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

A recent analysis of the lifestyles of 20 billionaires found that each produced an average of over 8,000 tonnes of carbon dioxide: 3,500 times their fair share in a world committed to no more than 1.5C of heating. The major causes are their jets and yachts. A superyacht alone, kept on permanent standby, as some billionaires’ boats are, generates around 7,000 tonnes of CO2 a year.

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.

Fossil fuel industry gets subsidies of $11m a minute, IMF finds (An older article for context).

The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund.

The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs. Experts said the subsidies were “adding fuel to the fire” of the climate crisis, at a time when rapid reductions in carbon emissions were urgently needed.

Extra video from thejuicemedia

Continue ReadingCOP26 News review day 12