A new Oxfam report reveals that the carbon emissions of the world’s richest 1% are worsening hunger, poverty, and excess deaths. Driven by luxury yachts, private jets, and investments in polluting industries, their consumption also makes it harder to limit global warming to 1.5°C. If everyone emitted CO₂ like the average billionaire, the remaining carbon budget would be exhausted in under two days.
Oxfam’s analysis calls for taxing the super-rich to reduce excessive consumption, fund clean energy transitions, and support those most affected by climate change. The report also notes that the 50 wealthiest billionaires emit more carbon in three hours than the average Briton does in a lifetime, with their private jet flights and yachts releasing emissions equivalent to centuries of an average person’s carbon footprint. Read More
News Credit: The Guardian
Picture Credit: Guy Fleury/AP