According to a study, a billionaire’s activities such as investing or living a lavish lifestyle generate greenhouse gas emissions that are 1 million times greater than those of an average person. This research was conducted by Oxfam based on a detailed investment analysis of 125 of the world’s wealthiest billionaires.
According to Oxfam’s report, unlike ordinary citizens, the investment activities of the world’s richest billionaires account for up to 70% of their greenhouse gas emissions.
Billionaire Roman Abramovich’s super yacht Eclipse. (Photo: AutoEvolution).
The investment activities of these billionaires produce an average of 3 million tons of CO2 per person per year, which is 1 million times higher than the average of 2.76 million tons of CO2 for 90% of the global population that is not wealthy.
Researcher Nafkote Dabi, who specializes in climate change at Oxfam, stated that the greenhouse gas emissions stem from the lavish lifestyles of billionaires, with their private jets and yachts emitting pollution levels thousands of times higher than those of ordinary people. However, when looking at the CO2 emissions from their investments, this figure is even 1 million times higher.
The 125 billionaires who rank among the richest in the world collectively emit greenhouse gases from their investment activities equivalent to the CO2 emissions of entire countries like France, Egypt, or Argentina.
“The responsibility of billionaires for greenhouse gas emissions is rarely discussed or considered in the legislative process. This needs to change,” researcher Nafkote Dabi said.
The study found that billionaires, on average, have about 14% of their investment activities in polluting industries such as energy and materials like cement. Only 1 out of the 125 billionaires among the wealthiest in the world has investments in renewable energy.
