Economic conditions & trends

Study: Top 10% of Consumers Cost Earth $5.7 Trillion in Annual Damage

Is this a crisis of wealthy overconsumption or does blaming the rich distract from the real solutions?

Published 19 hours ago

Study: Top 10% of Consumers Cost Earth $5.7 Trillion in Annual Damage

Story

Above: Dark storm clouds hover over the city of Los Angeles on Feb. 19, 2025. Image credit: David McNew/Getty Images

The Spin

Left narrative

The richest 10% of consumers are driving climate destruction while the world's poorest bear the consequences — that's a moral catastrophe. Millionaires alone are on track to burn 72% of the remaining 1.5°C carbon budget, and wealthy nations have repeatedly broken their climate finance pledges. The global North owes a debt to the South, and half-measures won't cut it.

Jason Hickel on X Los Angeles Times

Right narrative

Blaming developed nations for nearly all climate change is a falsehood. Annex II countries account for just 37-41% of cumulative emissions since 1850, far below what most people assume. Degrowth schemes pitched as climate justice have a track record of crushing the poor, while actual economic growth has pulled 800 million people out of extreme poverty. Scapegoating the wealthy won't solve the climate issue, but a focus on sustainable growth will help the most economically vulnerable.

Pedro Santa Clara on X Center for Global Development