Climate change is embedded in the history of colonialism and capitalism. Reflecting on this history allows to better understand the carbon market.

Coal and colonialism

The science unequivocally says that burning fossil fuels is the leading cause of the climate crisis. Based on historical and per capita emissions data, a comprehensive study estimates that industrialised countries in the Global North are responsible for 92 per cent of the excess emissions driving climate breakdown. Not everyone in the Global North is equally responsible, however. Just 75 investor-owned companies are responsible for about a third of worldwide emissions, and just 125 billionaires emit 393 million tons of CO2 each year. That is more than the 2022 emissions of Chile and Argentina combined.