Study: Ultra-wealthy cause nearly $1 trillion in climate damage through investments, not just lifestyle

A new Greenpeace study estimates that the world's richest people cause nearly $1 trillion in climate damage each year. The damage comes not only from private jets and yachts but from ownership of carbon-intensive companies and investments. The richest 1% account for about 40% of global pollution on an ownership basis, while the poorest half of the world accounts for only 3%. The study highlights that ownership-based pollution is less visible but more significant than consumption. Greenpeace suggests wealth taxes could make the ultra-wealthy pay more toward climate solutions. This comes as banks and investors put $900 billion into oil, coal, and gas last year despite promises to reduce support.