Overview
- A peer‑reviewed paper published Thursday in Communications Sustainability combines 2017 consumption‑based footprints with prices from the Environmental Prices Handbook 2024 to estimate annual damages of $1.7 trillion to $5.7 trillion.
- The study finds more than 60 percent of the global top 10 percent of consumers live in the United States or the European Union and that biodiversity loss and climate change make up most of the damage.
- On a per‑person basis the global top decile causes about $2,300 to $7,500 of damage each year and the U.S. top 10 percent causes roughly $19,000 to $63,000 per person annually.
- Authors stress the totals are likely conservative because the analysis uses 2017 data, covers four of nine planetary boundaries, and excludes investment‑linked emissions, and they do not propose a literal $5.7 trillion tax.
- The paper frames the monetary estimates as a tool for policy debate by showing how targeted fiscal measures focused on luxury consumption could raise significant revenue while regulation and emission prevention remain essential.