A groundbreaking report from Oxfam, titled “Carbon Inequality Kills,” reveals that the carbon footprint of a super-rich European from just under a week of using superyachts and private jets matches the lifetime carbon footprint of someone in the world’s poorest 1 percent. This study is the first of its kind. It tracks emissions from luxury travel and polluting investments. The findings emphasize the alarming contribution of the wealthiest individuals to climate change ahead of COP 29 in Baku, Azerbaijan.
Chiara Putaturo, an Oxfam EU tax expert, underscores the gravity of the situation: “The super-rich in Europe treat our planet like their personal playground. They indulge in dirty investments, private jets, and yachts. These actions are not just symbols of excess. They fuel inequality, hunger, and even death.”
THE ASTONISHING EMISSIONS OF THE WEALTHY
Oxfam’s analysis reveals staggering statistics about the emissions generated by ultra-rich Europeans:
- On average, an ultra-rich European takes 140 flights a year. They spend 267 hours in the air. They produce as much carbon as the average European would in over 112 years.
- During the same timeframe, emissions from their yachts are vast. They amount to the carbon footprint equivalent of what an ordinary European would generate in 585 years.
If current global emissions trends continue, the carbon budget will be depleted in about four years. This budget is the amount of CO2 that can still be emitted to prevent a temperature rise above 1.5°C. If everyone emitted carbon at the same level as the richest 1 percent, the carbon budget would vanish. This depletion would occur in under five months. Alarmingly, emissions from the private jets and superyachts of billionaires would deplete this budget in just two days.
BILLIONAIRE INVESTMENTS: A GREATER THREAT
While the lifestyle emissions of billionaires are staggering, the emissions from their investments are even more significant. On average, the investment emissions of 50 of the world’s richest billionaires are immense. They are approximately 340 times greater than their emissions from luxury travel. These billionaires wield substantial influence over some of the world’s largest corporations, contributing significantly to the climate crisis.
Oxfam found that nearly 40 percent of billionaire investments are in highly polluting sectors. These sectors include oil, mining, shipping, and cement. The total investment emissions from 36 of the EU’s wealthiest billionaires are equivalent to the annual emissions of over 4.5 million Europeans.
DEVASTATING IMPACT OF BILLIONAIRE EMISSIONS
Oxfam’s analysis details three critical areas where the emissions of the wealthiest 1 percent have severe and projected consequences:
- Global Inequality: The emissions of the richest 1 percent in the EU have significantly affected the global economy. They have caused a drop in global economic output of $179 billion since 1990. Low- and lower-middle-income countries are set to lose about 2.5 percent of their cumulative GDP from 1990 to 2050 due to the climate crisis. In contrast, high-income countries will see economic gains.
- Hunger: The emissions of the richest 1 percent in the EU have led to crop losses. These losses could have provided enough calories to feed nearly 900,000 people annually between 1990 and 2023. This figure is projected to rise to 1.7 million people annually between 2023 and 2050.
- Death: Between 2020 and 2120, emissions from the wealthiest 1 percent in the EU are expected to cause excess heat-related deaths. These deaths are projected to number nearly 80,000 people.
A CALL FOR ACCOUNTABILITY
Putaturo emphasizes that the wealthy must be held accountable for their carbon footprints. He states, “The super-rich must foot the bill for their carbon footprint, not ordinary Europeans.” This means more taxes on the super-rich, like wealth taxes, and higher taxes on superyachts and private jets.
