World's richest 1% fueling climate crises with soaring emissions: Report
The world's richest 1% are driving global hunger, poverty, and excess deaths with their high carbon emissions, a new report from Oxfam has revealed. The study notes that the consumption patterns of these people, such as using luxury yachts and private jets, are blocking efforts to keep global warming to 1.5 degrees Celsius. The report was released ahead of key events such as the United Kingdom budget announcement, the United States Presidential election, and Cop-29 climate summit in Baku, Azerbaijan.
Billionaires' emissions outpace average individuals: Oxfam report
The Oxfam report discovered that the 50 richest billionaires in the world emit more carbon in less than three hours than an average Briton does in a lifetime. Annually, these billionaires take around 184 private jet flights, generating as much carbon as an average person would in 300 years. Their luxury yachts generate as much carbon as an average person would over 860 years.
Oxfam report highlights carbon emissions from billionaires' assets
The report also gave specific examples of carbon emissions from the assets of famous billionaires. Jeff Bezos's two private jets were found to emit as much carbon in a year as a US Amazon employee would over 207 years. Elon Musk's jets discharged carbon dioxide equivalent to 834 years' worth of emissions from an average person, while the Walton family's three yachts had a combined annual carbon footprint similar to that of 1,714 Walmart employees.
Oxfam report underscores emissions from billionaires' investments
The Oxfam report highlighted that the greenhouse gas emissions from the investments of the ultra-rich are 340 times higher than those from their yachts and jets. On average, the portfolios of these billionaires were nearly twice as polluting as investments in the main US stock index. Nearly 40% of their shareholdings were in high-emission industries like oil, mining, shipping and cement.
Oxfam report projects future impact of consumption emissions
The Oxfam report predicts that the consumption emissions of the richest 1% will lead to an estimated 1.5 million excess deaths this century. In the last three decades, these emissions have decreased global economic output by $2.9 trillion and led to crop losses impacting millions. "The evidence is clear: the extreme emissions of the richest...are fuelling inequality, hunger and threatening lives," said Chiara Liguori from Oxfam.
