United Kingdom: A new report from Oxfam highlights the alarming carbon emissions of the world’s richest 1 percent, showing how their extravagant lifestyles are exacerbating hunger, poverty, and excess deaths.
The analysis indicates that the luxury consumption patterns of billionaires, such as private jets, superyachts, and investments in polluting industries are making it increasingly difficult to limit global warming to the critical threshold of 1.5°C.
According to the report, if the entire global population emitted greenhouse gases at the same rate as an average billionaire, the planet’s remaining carbon budget would be depleted in less than two days.
This stark contrast is concerning, given that current estimates suggest we have about four years to make substantial cuts to emissions to stay within the 1.5°C limit.
The findings come ahead of significant political events, including the upcoming UK budget, the US presidential election, and the COP29 climate summit in Baku, Azerbaijan.
Oxfam calls on governments to impose taxes on the ultra-wealthy to curb excessive consumption and generate revenue for the transition to clean energy while compensating those most affected by climate change.
Oxfam’s research reveals that the 50 richest billionaires produce more carbon emissions in under three hours than the average British citizen does in their entire lifetime. These billionaires collectively undertake an average of 184 private jet flights annually, contributing the equivalent of 300 years’ worth of emissions for a typical global citizen. In comparison, their luxury yachts emit as much carbon as an average person would over 860 years.
For instance, Amazon founder Jeff Bezos’s private jets logged nearly 25 days of flight time in one year, releasing carbon emissions equivalent to what a US Amazon employee would produce in 207 years. Similarly, Elon Musk’s two jets emitted CO2 comparable to 834 years of emissions from an average person.
As the UK government prepares for its first budget statement, Oxfam urges Chancellor Rachel Reeves to increase taxes on “climate-polluting extreme wealth,” particularly targeting private jets and superyachts, to generate funds for addressing the climate crisis.
The super-rich are dining out on the planet-emitting more carbon in just 90 minutes than the average person does in a lifetime. The rest of us are paying the price.
Share this film and sign the petition #MakeRichPollutersPayhttps://t.co/PA3s0lWJ5I pic.twitter.com/ye7E1GkLbX
— Oxfam International (@Oxfam) October 28, 2024
The report’s methodology for calculating yacht emissions considered factors like vessel size, engine specifications, fuel type, and even power sources for amenities like hot tubs.
Oxfam argues that the investment sector holds the most promise for positive change, as billionaires have the power to choose how they allocate their wealth. By shifting their investments to low-carbon-intensity funds, they could reduce their carbon footprints by 13 times.
The report predicts dire consequences from carbon inequality, estimating that the consumption emissions of the richest 1 percent will cause 1.5 million excess deaths in the coming century. Furthermore, these emissions have resulted in a $2.9 trillion decline in global economic output and crop losses equivalent to the annual caloric needs of 14.5 million people.
Chiara Liguori, Oxfam’s senior climate justice policy adviser, stated that, “The evidence is clear: the extreme emissions of the richest, stemming from their luxury lifestyles and polluting investments, are fueling inequality, hunger, and threatening lives. It’s not just unfair; it’s lethal.”
The findings are part of Oxfam’s ongoing annual reports on carbon inequality in collaboration with the Stockholm Environment Institute.
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