The 1%, Climate Change, and Trillions in Damages: Is Legal Liability on the Horizon?
A new modeling study in Nature Climate Change reveals that the wealthiest 10% of the global population are responsible for two-thirds of global warming since 1990. The top 1% alone account for one-fifth, not only due to higher energy consumption but also through investments in high-emission sectors like fossil fuels. The study highlights the disproportionate contribution of the wealthy to extreme weather events, particularly in poorer nations, with the richest 1% contributing 26 times more to extreme heat globally and 17 times more to Amazonian droughts than the average person. This research bolsters the argument for climate liability, with the authors estimating Chevron's contribution to extreme heat damage at up to $3.6 trillion, suggesting the scientific case for holding specific companies legally accountable is now closed.