'Without policies such as regulations or taxes on very polluting investments, it's unlikely that wealthy individuals making a lot of money from fossil fuel investments will stop investing in them,' says one economist.
"Without policies such as regulations or taxes on very polluting investments, it's unlikely that wealthy individuals making a lot of money from fossil fuel investments will stop investing in them," says one economist.The richest tenth of U.S. households are responsible for 40% of all the nation's greenhouse gas emissions, a
published Thursday revealed, underscoring what progressives say is the need for regulations and taxes on carbon-intensive investments., the study—which was led by University of Massachusetts, Amherst sustainability scientist Jared Starr—analyzed 30 years of U.S. household income data and the greenhouse gas emissions generated in creating that income.
"We find significant and growing emissions inequality that cuts across economic and racial lines," the paper notes. "In 2019, fully 40% of total U.S. emissions were associated with income flows to the highest earning 10% of households." "Among the highest-earning 1% of households , investment holdings account for 38-43% of their emissions," the publication continues. "Even when allowing for a considerable range of investment strategies, passive income accruing to this group is a major factor shaping the U.S. emissions distribution."
"It just seems morally and politically problematic to have one group of people reaping so much benefit from emissions while the poorer groups in society are asked to disproportionately deal with the harms of those emissions."
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