“The extreme emissions of the richest, from their luxury lifestyles and even more from their polluting investments, are fueling inequality, hunger, and—make no mistake—threatening lives.”

With the world on track for 3.1°C of warming this century, Oxfam International on Monday blamed global billionaires who—with their superyachts, private jets, and investments—emit more carbon pollution in 90 minutes of their lives than the average person does in a lifetime.

That’s according to Carbon Inequality Kills, Oxfam’s first-of-its-kind study tracking planet-heating emissions from the pricey transportation and polluting investments of the world’s 50 richest people, which was released ahead of COP29, the United Nations climate summit scheduled for next month in Baku, Azerbaijan.

“The superrich are treating our planet like their personal playground, setting it ablaze for pleasure and profit,” said Oxfam executive director Amitabh Behar in a statement. “Their dirty investments and luxury toys—private jets and yachts—aren’t just symbols of excess; they’re a direct threat to people and the planet.”

The report explains that “Oxfam was able to identify the private jets belonging to 23 of 50 of the world’s richest billionaires; the others either do not own private jets or have kept them out of the public record.”

“On average, these 23 billionaires each took 184 flights—spending 425 hours in the air—over a 12-month period. That is equivalent to each of them circumnavigating the globe 10 times,” the publication continues. “On average, the private jets of these 23 superrich individuals emitted 2,074 tonnes of carbon a year. This is equivalent to 300 years’ worth of emissions for the average person in the world, or over 2,000 years’ worth for someone in the global poorest 50%.”

 

For example, Elon Musk, the world’s richest person based on Monday updates to the Bloomberg and Forbes lists, “owns (at least) two private jets which together produce 5,497 tonnes of CO2 per year,” the study highlights. “This is the equivalent of 834 years’ worth of emissions for the average person in the world, or 5,437 years’ worth for someone in the poorest 50%.”

“The two private jets owned by Jeff Bezos, founder and executive chairman of Amazon, collectively spent almost 25 days in the air, emitting 2,908 tonnes of CO2. It would take the average U.S. Amazon employee almost 207 years to emit that much,” the document adds. Bezos is the world’s second- or third-richest person, according to the various billionaire indexes.

The report says that “the number of superyachts has more than doubled since 2000, with around 150 new launches every year. Not only do these giant ships guzzle an immense amount of fuel for propulsion, their air conditioning, swimming pools, and extensive staff further add to emissions. Although they are moored for most of the year, about 22% of their overall emissions are generated during this ‘downtime.'”

“Superyachts are exempt from both E.U. carbon pricing and International Maritime Organization emissions rules,” the publication points out. “Oxfam was able to identify 23 superyachts owned by 18 of the 50 billionaires in our study. These floating mansions traveled an average of 12,465 nautical miles a year: This is equivalent to each superyacht crossing the Atlantic almost four times.”

According to the group:

Oxfam estimates the average annual carbon footprint of each these yachts to be 5,672 tonnes, which is more than three times the emissions of the billionaires’ private jets. This is equivalent to 860 years of emissions for the average person in the world, and 5,610 times the average of someone in the global poorest 50%.

The Walton family, heirs of the Walmart retail chain, own three superyachts worth over $500 million. They traveled 56,000 nautical miles in a year with a combined carbon footprint of 18,000 tonnes: This is equivalent to the carbon emissions of around 1,714 Walmart shop workers. The company that has generated their extreme wealth has also been found to drive economic inequality in the USA through low wages, workplace discrimination, and huge CEO pay.

In terms of investments, the study says, “the richest 1% control 43% of global financial assets, and billionaires control (either as CEOs or principal investors) 34% of the 50 largest listed companies in the world, and 7 out of the 10 largest. The investment footprint of the superrich is the most important element of their overall impact on people and the planet.”

The organization found that “the average investment emissions of 50 of the world’s richest billionaires were around 2.6 million tonnes of CO2 equivalents (CO2e) each. That is around 340 times their emissions from private jets and superyachts combined.”

“Each billionaire’s investment emissions are equivalent to almost 400,000 years of consumption emissions by the average person, or 2.6 million years of consumption emissions by someone in the poorest 50% of the world,” the report says. “Almost 40% of the investments analyzed in Oxfam’s research were in highly polluting industries including: oil, mining, shipping, and cement. Only one billionaire, Gautam Adani, has significant investments in renewable energy—which account for 18% of his overall investment portfolio. Just 24% of the companies that these billionaires invested in have set net-zero targets.”

The publication also features “a new analysis of the inequality in the impacts of climate breakdown.”

Behar concluded that “Oxfam’s research makes it painfully clear: The extreme emissions of the richest, from their luxury lifestyles and even more from their polluting investments, are fueling inequality, hunger, and—make no mistake—threatening lives. It’s not just unfair that their reckless pollution and unbridled greed is fueling the very crisis threatening our collective future—it’s lethal.”

The document’s final section includes detailed recommendations to reduce the emissions of the richest, make polluters pay, and “reimagine our economies and societies to deliver well-being and planetary flourishing.”

The report is a reminder of how rich and powerful people are impeding efforts to meet the goals of the Paris climate agreement, whose government signatories will be gathering in Baku next month to discuss efforts to limit global temperature rise this century to 1.5°C.

“The wealth of the world’s 2,781 billionaires has soared to $14.2 trillion,” the study notes. “If it was invested in renewable energy and energy efficiency measures by 2030, this wealth could cover the entire funding gap between what governments have pledged and what is needed to keep global warming below 1.5°C, according to estimates by the International Renewable Energy Agency.”

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