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Rich people could help save the planet from climate change

Business News, Environment

From a post by Stephanie Bailey, CNN

 Part 1. Vocabulary

lavish

/ˈlaviSH/ adj.

- sumptuously rich, elaborate, or luxurious.

"a lavish banquet"

 

stuff

/stəf/ n.

- the basic constituents or characteristics of something or someone.

"Healey was made of sterner stuff"

 

divestment

dīˈvestmənt/ n.

- the action or process of selling off subsidiary business interests or investments.

"the importance of divestment"

 

flexibility

/ˌfleksəˈbilədē/ n.

- willingness to change or compromise.

"the government has shown flexibility in applying its policy"

 

instigate

/ˈinstəˌɡāt/ v.

- incite someone to do something, especially something bad.

- bring about or initiate (an action or event).

"they instigated a reign of terror"

 

emissions

/əˈmiSH(ə)n/ n.

- the production and discharge of something, especially gas or radiation.

"the effects of lead emission on health"

 

Part 2. Article Reading

Rich people don't just have bigger bank balances and more lavish lifestyles than the rest of us -- they also have bigger carbon footprints. The more stuff you own, and the more you travel, the more fossils fuels are burned, and the more greenhouse gases are emitted into the atmosphere.

Oxfam has estimated that the average carbon footprint of someone in the world's richest 1% could be 175 times that of someone in the poorest 10%.

But some argue that the wealthy can do the most to help fix the climate crisis. Here's how they could make a difference.

Spend wisely

The buying decisions of the rich mean much more in the fight against climate change than those of most people.

"Regarding their own lifestyle choices, the rich can change a lot," said Otto. "For instance, putting solar panels on the roofs of their houses. They can also afford electric cars and the best would be if they avoided flying."

In the study, air travel accounted for more than half of the footprint of a super-rich couple.

Rich people also have more flexibility to make changes.

Divestment

As well as choosing what to spend money on, rich people can choose what industries to invest in -- or not to invest in.

Over 1,100 organizations and 59,000 individuals, with combined assets totaling $8.8 trillion, have pledged to divest from fossil fuels through the online movement DivestInvest.

Wealth means power

Wealthy people are not just economic decision-makers, they can have a political influence too. They can fund political parties and campaigns and have access to lawmakers. Otto argued that rich people could use their political power to instigate positive changes to climate policy.

Fund climate research

The wealthy can also support climate research. In 2015, Microsoft founder Bill Gates committed $2 billion of his fortune to fund research and development into clean energy.

There's plenty of incentive for the wealthy to demand climate action: A recent UN report warned that delaying climate policies will cost the world's top companies $1.2 trillion over the next 15 years.

Role models

The super-rich might also have an influence on other people's carbon emissions.

"We have to redefine wealth in our societies such that living a "good life" is possible without high greenhouse gas emissions," she said.

Read the full article here: https://edition.cnn.com/2019/07/12/health/rich-people-climate-change-intl/index.html

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