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Only 1 percent of billionaires drive climate change. Oxfam report: Governments to tax the rich to limit emissions

2024-10-30 10:41:08Biznes SHKRUAR NGA REDAKSIA VOX

Only 1 percent of billionaires drive climate change. Oxfam report: Governments

High carbon emissions caused by the world's super-rich 1% are exacerbating hunger, poverty and excess deaths, according to Oxfam's report. Because of luxury yachts, private jets and investments in polluting industries, the consumption of the world's richest people is also making it harder to limit global warming to 1.5C.

Ahead of a UK budget, a US presidential election and the Cop29 climate summit in Baku, Azerbaijan, the group's examination of pollution inequality calls on governments to tax the super-rich in order to curb excess consumption and generate revenue for the clean energy transition.

Oxfam research found that fifty of the world's richest billionaires produce on average more carbon emissions in three hours than the average Briton in their lifetime. On average, they make 184 private jet flights a year, spending 425 hours in flight. This produces as much carbon as the average human in the world would produce in 300 years. Their luxury yachts released as much carbon in one year as the average person in 860 years.

Amazon founder Jeff Bezos' two private jets spent nearly 25 days in the air over a 12-month period and emitted as much carbon as one US Amazon employee would emit in 207 years. While two planes of Elon Musk, the head of Tesla, released together as much CO2 in the same period as the emissions of 834 years generated by the average person.

Oxfam calculates that a 60 per cent tax on the income of the richest 1 per cent would reduce pollution by more than the UK's total emissions and raise $6.4 trillion a year for investment in renewable energy.


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