CO2 emissions of richest 1% now 30 times more than permissible limits

The CO2 emissions of the richest 1 per cent are now 30 times more than what is needed to keep global heating below 1.5C, warns research.

As per the Paris climate goals, every person on the planet needs to reduce their CO2 emissions to an average of 2.3 tonnes by 2030.

The research has revealed that the richest 1 per cent are on track to be releasing 70 tonnes of CO2 per person a year. As a whole, this will account for 16 per cent of total emissions by 2030. This is an increase of 13 per cent of emissions since 1990.

Meanwhile, the poorest 50 per cent will be releasing an average of one tonne of CO2 annually.

The scientists have urged governments to “constrain luxury carbon consumption” of private jets and space travel.

This research comes at a time when global leaders have gathered at the COP26 summit to discuss ways to curb emissions and keep the 1.5C target.

According to International Energy Agency(IEA), emerging markets and developing economies now account for more than two-thirds of global CO2 emissions.

The agency said China's emissions are likely to "increase by around 500 mt CO2" and is anticipated to be above 2019 levels this year. As expected, the report said China's coal output will contribute the most to the CO2 levels due to its widespread use in the power sector.

IEA said, "CO2 emissions in India are now broadly on par with emissions in the European Union at 2.35 Gt, although they remain two-thirds lower on a per capita basis and 60 per cent below the global average," while it pointed out that coal-fired electricity generation in the EU had declined rapidly.

(With inputs from agencies)