Billionaires are responsible for a million times more greenhouse gas emissions than the average person, according to Oxfam. The study analyzed the world’s richest and found that emissions from their Lifestyles and Investments equal the carbon Footprints of entire countries like France or The United States. This is one million times more than someone in the bottom 90% of humanity. Everyone who earns below €173,000 on average is in this group.
The study was dropped while the 2022 United Nations climate change conference is happening right now in Egypt. Research by the international charity found that the investments of just 125 billionaires emit 393 million tons of CO2 each year, equivalent to the yearly emissions of 85 million cars.
Their investments in polluting industries such as fossil fuels and cement are double the average for the Standard and Poor group of 500 companies, said the report titled «Carbon Billionaires: The investment emissions of the world’s richest people».
Cumulatively, these 125 billionaires fund 393 million tons of CO2e (carbon dioxide equivalent) per year, which is equal to the annual carbon emissions of France, a nation of 67 million people.
To put things into perspective, each of these billionaires would have to circumnavigate the world almost 16 million times in a private jet to create the same emissions, the report said.
The report comes amid calls for the world’s ultra-rich to shoulder more of the financial responsibility for tackling the climate emergency at COP27.
The report on the emissions of the world richest people was based on a detailed analysis of the investments of 125 of the world’s wealthiest billionaires. Collectively they have a €2.4 trillion stake in 183 companies.
It found that these billionaires’ investments produce an annual average of 3 million tons of CO2 per year, compared to the figure of 2.76 tones for the average person in the bottom 90 per cent. Carbon Dioxide is the most significant greenhouse gas, fueling rapid global warming by absorbing and radiating heat into the atmosphere.
Their investments in polluting industries such as fossil fuels and cement are double the average for the Standard and Poor group of 500 companies, said the report titled «Carbon Billionaires: The investment emissions of the world’s richest people».
«If the billionaires in the sample moved their investments to a fund with stronger environmental and social standards, it could reduce the intensity of their emissions by up to four times,» They estimated that a wealth tax on the world’s billionaires could raise €1.4 trillion a year, which could help developing countries – the worst hit by the climate crisis.
«Governments must tax rich people more to radically reduce inequality and wealth concentration, to reduce unsustainably high emissions by rich people and to reduce their power and influence over our fossil fuel-fired economy,» the report reads.
«This could also raise trillions of dollars for nations hit hardest by climate disaster. The revenue could also help advance a green and fair transition at the global level.»
