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Oxfam Report Finds Ultra-Rich Profit From Climate Crisis Causes and Costs

3h agoSource: The Guardian Summarised by News Hub Central

Super-rich get ‘double dividend’ from causes and costs of climate crisis, report finds — Image via The Guardian

A study released by Oxfam indicates that the globe's wealthiest individuals are capitalizing on both the drivers of environmental breakdown and the resulting catastrophic impacts. According to the international organization, the top 0.1% of earners hold heavy investments in industries tied to disaster preparation, recovery, and reconstruction.

Data from the group highlights that this specific sector is currently valued at $70 billion annually and is anticipated to expand to $92 billion per year by 2029. The report asserts that these financial strategies widen existing economic divides while discouraging urgent environmental reforms.

Additional information regarding these findings is anticipated as the story develops.

Original reporting

The Guardian: read the full report

Rolling coverage of the latest economic and financial news The TUC are also urging the Chancellor to increase taxes on banks in tomorrow’s Budget, arguing the sector could pay tens of billions of pounds more. Rather than simply reversing Jeremy Hunt’s cut to the bank surcharge from 8% to 3%, the TUC argue that the surcharge – additional corporation tax – should be increased further. “Some in the finance lobby have tried every which way to stop tax rises in the Budget. But these results make it blatantly obvious banks can afford to contribute more. “It’s not just HSBC. Barclays announced bumper profits last week too. And Britain’s big four banks have made more than £200bn in profit over the last five years. “It’s not surprising that HSBC have made such significant profits in the last quarter, but it will be difficult news to swallow for households struggling with rising mortgage costs. Li

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