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From Climate & Capitalism
Summary
A recent Oxfam report reveals that the ultra-rich contribute more greenhouse gas emissions in a week than the poorest individuals do in a lifetime. This disparity is largely due to their use of private jets and superyachts, underscoring the environmental impact of extreme wealth. The emissions from the richest 1% are fueling climate change and exacerbating global inequality, hunger, and health crises.
Highlights -🌍
- Wealth and Emissions: The emissions from 23 super-rich individuals equal 2,000 years of the poorest 50%’s emissions. ✈️
- Private Jet Usage: One ultra-rich individual averages 140 flights a year, producing 112 years’ worth of carbon emissions for an average European. ✈️
- Superyacht Footprint: Just one week of emissions from superyachts can exceed the lifetime emissions of someone in the world’s poorest 1%. 🚤
- Investment Impact: Billionaires’ investments in polluting industries contribute significantly more emissions than their personal travel. 💰
- Global Inequality: The richest 1% have caused a $179 billion drop in global economic output since 1990, affecting poorer nations disproportionately. 📉
- Food Insecurity: Their emissions have led to crop losses, threatening food supply and feeding 900,000 people annually. 🍽️
- Health Crisis: Excess heat-related deaths linked to their emissions could reach nearly 80,000 by 2120. ⚰️
The carbon footprint of a super-rich European, accumulated from nearly a week of using super yachts and private jets, matches the lifetime carbon footprint of someone in the world’s poorest 1 percent, a new Oxfam report shows. The study, Carbon Inequality Kills, tracks the emissions from private jets, yachts and polluting investments, amidst growing fears that climate breakdown is accelerating, driven largely by the emissions of the richest people.
“The super-rich in Europe are treating our planet like their personal playground. Their dirty investments, their private jets and yachts are not just symbols of excess; they are fueling inequality, hunger and even death”, said Chiara Putaturo, Oxfam EU tax expert.
The report presents detailed new evidence of how the super-rich’s outsized emissions are accelerating climate breakdown and wreaking havoc on lives and economies. The world’s poorest countries and communities have done the least to cause the climate crisis, yet they experience its most dangerous consequences.
Read the report directly:
Read the full post at Climate & Capitalism.
