environment
‘Mega-consumers’ of food and energy cost environment $5.7tn a year, study finds
Top 10% generate climate and biodiversity damage bill that exceeds economies of most countries, say researchers
TL;DR
- The top 10% of global consumers rack up an annual environmental damage bill of up to $5.7tn.
- This figure surpasses the economies of all countries except the US and China.
- Mega-consumers are predominantly in the global north, with significant representation in the US and EU.
- Key drivers of damage include red meat consumption and energy use (flights, heating, cooling).
- Biodiversity loss accounts for 47-56% of the damage, with climate change responsible for 36-45%.
- The study's figures are considered conservative, excluding the environmental impact of investments.
- Researchers propose taxes on luxury goods, wealth, and carbon to target high-consuming groups.
- Addressing the biodiversity and climate crises together is recommended.
- The top 10% have significant agency to reduce emissions due to their influence as consumers, investors, and trendsetters.