Carbon footprint of world’s wealthiest 1 percent intensify global crisis
Date
10/29/2024 5:38:28 AM
(MENAFN) A new report from Oxfam reveals the significant carbon footprint of the world's wealthiest 1 percent, highlighting how their consumption and investment habits are exacerbating the climate crisis and contributing to global issues like hunger, poverty, and increased mortality rates. Released on Monday, the report emphasizes the detrimental environmental impact of luxury assets and high-emission investments, calling for urgent tax measures on "climate-polluting extreme wealth" to facilitate a transition to sustainable energy and support communities affected by climate change.
Oxfam’s analysis presents a stark warning: if everyone emitted greenhouse gases at the same rate as the average billionaire, the global carbon budget necessary to limit warming to 1.5°C would be depleted within just two days. This contrasts sharply with current estimates that suggest the budget could last another four years at present emission levels. With global climate objectives in jeopardy, Oxfam is urging governments to address carbon inequality by implementing new taxes aimed at the wealthiest individuals, particularly targeting luxury assets such as superyachts, private jets, and investments in polluting industries.
In anticipation of the UK budget proposal set for Wednesday, Oxfam is specifically calling on Chancellor of the Exchequer Rachel Reeves to impose higher taxes on private jets and superyachts, noting the "astronomical" emissions associated with the lifestyles of the ultra-rich. Research by Oxfam highlights that the world’s 50 richest billionaires emit as much carbon in just three hours as the average British citizen does over their entire lifetime. These billionaires reportedly take an average of 184 private jet flights annually, accumulating approximately 425 flight hours, which generates carbon emissions equivalent to what an average person would produce over 300 years. Additionally, their yachts release carbon emissions equivalent to a single person’s emissions over 860 years.
Alex Maitland, one of the report’s authors, stated that "superyachts are by far the most polluting toy that a billionaire can own, except perhaps for a rocket ship." This emphasizes the urgent need for policymakers to address the environmental impact of extreme wealth and take decisive action toward achieving climate goals.
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