With the United Nations Climate Change Conference underway in Egypt, Oxfam on Monday released a report highlighting how billionaires’ investments produce massive amounts of planet-heating emissions that must be reined in to ensure a habitable planet.
The group’s analysis–Carbon Billionaires: The Investment Emissions of the World’s Richest People–reveals that the investments of 125 billionaires emit 393 million tonnes of carbon dioxide equivalent (CO2e) each year, or the same as the entirety of France.
Putting that figure into an individual context, the report explains that the annual average tops 3.1 million tonnes of CO2e per billionaire–or over a million times higher than the 2.76 tonnes that is the average for people worldwide who are in the bottom 90%.
“These few billionaires together have ‘investment emissions’ that equal the carbon footprints of entire countries like France, Egypt, or Argentina,” said Nafkote Dabi, climate change lead at Oxfam, in a statement. “The major and growing responsibility of wealthy people for overall emissions is rarely discussed or considered in climate policymaking. This has to change.”
Dabi declared that “these billionaire investors at the top of the corporate pyramid have huge responsibility for driving climate breakdown. They have escaped accountability for
— source commondreams.org | Jessica Corbett | Nov 7, 2022