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The Guardian reports that Greenpeace’s latest research links the ultra‑wealthy’s financial and physical assets to a disproportionate share of greenhouse‑gas emissions, quantifying a $1 trillion annual climate debt and urging policymakers to focus on ownership‑based emissions. Super‑rich ownership drives a quarter of global emissions Through shareholdings in oil producers, property developments and other carbon‑intensive assets, the top 1 % of wealth holders control about 25 % of global annual emissions. This ownership‑based share eclipses the impact of their personal consumption such as private jets and yachts. $1 trillion annual climate debt attributed to the ultra‑wealthy Top 1 % responsible for 40 % of all ownership‑based emissions (which themselves account for 60 % of total carbon output). Top 0.1 % account for 17 % of ownership‑based emissions. Top 0.01 % account for 9 % of ownership‑based emissions. Bottom 50 % of the world’s population contributes only 3 % of ownership‑based emissions. Estimated climate damage cost: nearly $1 trillion per year. Financial sector contribution: banks invested $900 billion in fossil fuels last year. Why ownership‑based emissions reshape climate policy debate Greenpeace’s global lead campaigner Clara Thompson argues that focusing solely on consumer behaviour overlooks the larger, less visible emissions tied to asset ownership. She notes that current climate policies target household consumption, while the bulk of emissions stem from investments and corporate control held by the ultra‑rich. Future pathways: wealth taxes and just transition talks at COP31 The study fuels calls for wealth taxes as a mechanism to address the “climate debt.” As governments convene in Bonn ahead of COP31, discussions are expected to centre on a “just transition” that includes fiscal measures targeting extreme wealth and reallocating resources toward low‑carbon economies.