A millionaire pours a million times more greenhouse gases than average, a study found.
Report published by British charity Oxfam Monday based its findings on a detailed analysis of the investments of the world’s 125 million richest people.
He found that, contrary to the average person, the investments of the richest people account for 70% of emissions.
According to the report, the investments of these billionaires generate an average of 3 million metric tons of carbon dioxide (CO2) per person per year, which is one million times higher than the average of 2.76 tons of CO2 for those living in the bottom 90%.
Nafkote Dabi, Oxfam’s climate change officer, said emissions from the lifestyles of billionaires, their private jets and yachts are already thousands of times greater than those of the average person. But looking at the emissions of the investments, their carbon emissions are a million times higher.
“These few millionaires together have ‘investment emissions’ that equal the carbon footprint of entire countries like France, Egypt or Argentina.
“Climate policymaking rarely discusses or takes into account the large and growing responsibility of wealthy people for overall emissions. This needs to change.
“These billionaire investors at the top of the corporate pyramid bear a great deal of responsibility for driving climate breakdown. They have shirked responsibility for far 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 such as cement. Only one billionaire in the sample had investments in a renewable energy company.
“We need COP27 to expose and change the role played by big corporations and their wealthy investors in profiting from the pollution that is driving the global climate crisis,” Dabi said.