Heavier footprints

Investments and capital owned by the world's wealthiest few are driving the climate crisis, according to a first-of-its-kind report

- RICHARD MAHAPATRA

IT IS not just that a handful of people own most of the world's wealth, but this club of billionaires also accounts for much of the greenhouse gases that are fuelling catastrophic change in the climate.

As wealth inequality deepens, so does climate inequality. In a first-of-its-kind interpretation the "Climate Inequality Report 2025", published by Paris-based research centre World Inequality Lab, explores the link between wealth inequality and climate inequality.

"Climate crisis and wealth inequality are deeply interconnected," says economist Lucas Chancel, who along with Cornelia Mohren steered this study.

Highlighting the difference between wealth- and consumptionsourced emission of greenhouse gases (GHGS), the report says, "Wealthy individuals fuel the climate crisis through their wealth, even more than their consumption." Consumption is limited to wealthy individuals' lifestyle and other such similar activities, and result in some emissions. But, most of the emissions they account for come from the capital and investment they hold in industries.