Greenpeace calculates that wealthiest contribute nearly $1tn of damage a year with ownership-based emissions

Ultra-wealthy people zooming across the world on their private jets, lounging on yachts and conspicuous by their Instagrammable consumption are among the most easily identified individual culprits when it comes to the climate crisis – but new research argues that it is not just their heady lifestyles to blame, but also their bank accounts.

Through their ownership of companies and private financial and physical assets, from oil producers to property developments, the super-rich are responsible for an outsized slice of the greenhouse gases that are overheating the planet. The top 1% of people by wealth, through their shareholdings and investments, control about a quarter of global annual emissions in total.

The magazine writes: ‘Resisting Gen-Z socialism is therefore an urgent task.’ That urgency must outweigh any urgency of feeding hungry people

A spectre is haunting Europe and America – the spectre of gen Z socialism.

That’s the urgent warning from the Economist in a new cover-story editorial, How to fight back against Gen-Z socialism. Alarmed by a youthful threat to the established order, the magazine is calling for heightened vigilance from defenders of private enterprise.

Norman Solomon is the director of RootsAction and executive director of the Institute for Public Accuracy