World's richest 0.01% owe nearly $1 trillion in annual climate debt, Greenpeace report finds

A new Greenpeace Africa report estimates that the world's richest 0.01% are responsible for nearly $1 trillion in annual climate debt based on emissions linked to their investments and ownership of high-polluting assets. The report argues that current climate policies miss the emissions embedded in the portfolios of the ultra-wealthy, focusing instead on production and consumption. It calls for taxing these ownership-based emissions to fund climate action in developing countries. The study finds that an average member of the top 0.01% wealth group is associated with over 130 times the ownership-based climate debt of someone in the top 10% wealth group. The report suggests that taxing the climate damages from the richest 0.01% alone could significantly close the estimated $1 trillion annual climate finance gap faced by vulnerable nations. Greenpeace is urging governments to adopt the polluter-pays principle under the UN Tax Convention and UNFCCC processes.