The environmental bill of the top 10% consumers

Abstract: 

The top 10% of global consumers are disproportionally responsible for transgressing planetary boundaries, creating damages for which broader society bears the costs. By monetising the climate change, biosphere integrity, biogeochemical cycle, and freshwater-use footprints for these consumers we estimate annual damages owed of $1.2-$3.9 trillion, equivalent to $1.5k-$5.1k per person (in $₂₀₁₇), surpassing international climate and biodiversity financing gaps. The top 10% US consumers see a bill of $21k-$69k, equal to 7%-22% of their income or 1%-3% of their wealth. Biodiversity loss and climate change comprise the largest damage bill, together totalling 87%-91% of the global total. These costs highlight the mitigation responsibility of the top 10% and illustrate the potential revenue of environmental taxes if the polluter-pays principle is adopted.