The investments of 125 of the world’s richest billionaires result in an average of three million tons of carbon dioxide emissions annually, a million times higher than the average for someone in the bottom 90 percent of humanity, according to non-profit group Oxfam.
The report, titled “Carbon Billionaires: The Investing Emissions of the World’s Richest People,” said these super-rich people collectively own $2.4 trillion in 183 companies, which it says are polluters such as fossil fuels and cement. Their investment in industries is twice the average. 500 for the Standard & Poor’s group of companies.
Cumulatively, these 125 billionaires finance 393 million tonnes of CO2e (carbon dioxide equivalent) per year, which is equal to? annual carbon emissions According to the report, that of France, a country of 67 million people.
The study also found that 1.8 million cows would be needed to emit the same level of CO2e as each of the 125 billionaires. It states that to compensate for the emissions of each billionaire, about 4 million people will have to become vegetarian.
The report noted that the real figure is likely to be higher still, as published carbon emissions by corporates systematically underestimate the true level of carbon impact, and billionaires and corporates who publicly disclose their emissions are underreported. do not, so cannot be included. In research, there are likely to be high climate impacts.
Oxfam India CEO Amitabh Behar said, “The prime and growing responsibility of the wealthy for overall emissions is rarely discussed or considered in climate policy making. Responsibility is fueling climate change. They have shied away from accountability for too long.”
In 2021, the Oxfam report showed that achieving ‘net zero’ by 2050 would require at least 1.6 billion hectares of new forests to use land alone to address the world’s carbon emissions, which India is equal to five times the size of .
“We need COP27 so that big corporates and their wealthy investors can play a role in profiting from the pollution fueling the global climate crisis.
“They cannot be allowed to hide or greenwash. We need to urgently tackle governments by publishing emissions figures for the richest people, regulating investors and corporates to reduce carbon emissions, and taxing wealth and polluting investments”, Climate at Oxfam International Change lead, Nafkote Dabi was quoted as saying by PTI.
Oxfam also estimated that a wealth tax on the world’s super-rich could garner US$1.4 trillion annually, a vital resource that could help developing countries – which are worst affected. climate crisis – To adapt, address losses and damages and make an appropriate transition to renewable energy.
According to the United Nations Environment Program (UNEP), adaptation costs for developing countries could reach US$300 billion per year by 2030. Africa alone will need USD 600 billion between 2020 and 2030.
Oxfam also called for higher tax rates for investments in polluting industries to deter such investments.
“The super-rich need to be taxed and regulated from polluting investments that are destroying the planet. Governments should also implement ambitious rules and policies that force corporations to be more accountable and transparent in reporting and their emissions. radically reduce it,” Bihar said.
The 27th edition of the Conference of the Parties (COP) to the UNFCCC began in Sharm el-Sheikh, Egypt on Sunday. The talks are due to end on November 18.
(with PTI inputs)
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