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The super-rich are some of the biggest polluters<\/a> in the world, thanks to their continued investments<\/a> in high-emissions industries and penchant for private jets<\/a>. At the same time, they include among their number some of the most influential people and groups in guiding climate policies<\/a>.\u00a0<\/p>\n At some point, the wealthy need to be held accountable for the climate crisis\u2014and that could mean paying to address it, says Laurence Tubiana, French economist and a key architect of the 2015 Paris Agreement on climate change. She\u2019s also the CEO of the philanthropic organization European Climate Foundation.<\/p>\n The richest 1% was responsible for the same amount of carbon emissions in 2019 as nearly 65% of the world\u2019s poorest, a study by Oxfam International found last year<\/a>, with billionaires contributing a million times more than the average person.<\/p>\n Such stark statistics warrant stricter action on the part of the ultra-rich, Tubiana argues.\u00a0<\/p>\n \u201cThis inequality is true not only between developed countries and developing ones, but within each country \u2013 the 1% of rich Chinese, or the 1% of very rich Indians, or the U.S. citizen \u2013 they have a lifestyle which is very, very similar, in terms of overconsumption,\u201d she told The Guardian<\/em><\/a>. \u201cThat\u2019s where your carbon footprint comes in.\u201d\u00a0\u00a0<\/p>\n The question of holding the rich accountable for their emissions has long dominated the broader climate debate.\u00a0<\/p>\n Climate activist Mitzi Jonelle Tan from the Philippines is among those who see the current climate situation<\/a> as a product of the rich\u2019s greed. Greta Thunberg has also argued that a bigger carbon footprint warrants greater responsibility<\/a>.\u00a0<\/p>\n \u201cIt\u2019s legitimate to talk about taxation, with the immense elements of climate impact, and the need to mobilize more funding to respond to the transition [to a low-carbon economy] and adaptation [to the impacts of extreme weather],\u201d Tubiana said.\u00a0<\/p>\n Decarbonizaton is a staggeringly expensive undertaking that will take many years. France projected that a net-zero transition would cost it \u20ac66 billion ($71.7 billion) a year, with some suggesting a wealth tax to raise the necessary funds<\/a>. Other governments, such as the U.S. Biden administration, have proposed similar ideas.<\/p>\n While, in theory, it makes sense to tax those with the most money\u2014and the biggest carbon footprints\u2014some counter that wealth taxes can have a destabilizing effect<\/a> (the rich just leave), stifle the long-term growth needed to pay for the transition (why invest if you don\u2019t see a reward?), or just fail to raise much money (the wealthier you are, the better your tax accountants).<\/p>\n Several alternatives have been proposed, including a frequent flier levy<\/a> aimed at the rich, who not only travel the most, but also clearly disproportionately use private jets or fly first class. Even then though, it\u2019s not straightforward.\u00a0<\/p>\n For example, billionaire investor and philanthropist Bill Gates has faced criticism<\/a> of his private jet use, but defended it on the grounds that it helps him make targeted climate-change-fighting investments that more than compensate for his emissions. <\/p>\n \u201cI spend billions of dollars on \u2026 climate innovation. So, you know, should I stay at home and not come to Kenya and learn about farming and malaria?\u201d Gates told<\/a> the BBC<\/em>.<\/p>\n Governments may not have a consensus on how to do it, but there is nonetheless a growing acknowledgment that we need to take action on a larger scale than we have to date.<\/p>\n The COP29 summit later this year could help push the conversation forward on how to raise the necessary money for climate-related efforts.\u00a0\u00a0<\/p>\n In the meantime, we can only wait for concrete steps to fight climate change, whether private jets are involved or not.<\/p>\n<\/div>\nFight against time<\/strong><\/h2>\n