A study found that billionaires emit a million times more greenhouse gases than the average

A study found that billionaires emit a million times more greenhouse gases than the average



CNN:

A billionaire emits a million times more greenhouse gases than the average person, the study found.

the report published by British charity Oxfam Monday based its findings on a detailed analysis of the investments of the world’s 125 richest billionaires.

It found that, unlike ordinary people, the wealthiest individuals’ investments account for up to 70% of their emissions.

According to the report, these investments by billionaires produce an average of 3 million tons of carbon dioxide (CO2) per person per year, one million times the average of 2.76 tons of CO2 for those living in the bottom 90%.

Oxfam’s head of climate change, Nafkote Dabi, says emissions from the lifestyles of billionaires, their private jets and yachts, are already thousands of times greater than the average person’s. But looking at the emissions of their investments, their carbon emissions are over a million times greater.

“These few billionaires together have ‘investment emissions’ equal to the carbon footprints of entire countries like France, Egypt or Argentina.

“The major and growing responsibility of the wealthy for overall emissions is rarely discussed or considered in climate policymaking. This needs to change.

“These billionaire investors at the top of the corporate pyramid bear enormous responsibility for climate decline. They have avoided responsibility for too long,” he said.

The study also found that billionaires had an average of 14% of their investments in polluting industries such as energy and materials like cement. Only one billionaire in the sample had an investment in a renewable energy company.

“We need COP27 to expose and change the role that big corporations and their wealthy investors are playing in profiting from the pollution driving the global climate crisis,” Dabi said.



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