Carbon emissions of world’s richest 1% worsen global crisis: Oxfam

By Aysu Bicer

LONDON (AA) - A new Oxfam report underscores the enormous carbon footprint of the world’s wealthiest 1%, showing how their consumption and investments are intensifying the climate crisis and aggravating global issues such as hunger, poverty, and excess mortality.

The report, released Monday, highlights the severe environmental impact of luxury assets and high-emission investments, urging immediate tax measures on “climate-polluting extreme wealth” to support a shift to sustainable energy and assist communities affected by global heating.

Oxfam’s analysis warns that if everyone emitted greenhouse gases at the same rate as the average billionaire, the global carbon budget required to limit warming to 1.5C would be exhausted within just two days – a stark contrast to current estimates, which suggest the budget could last another four years under current emission rates.

With global climate goals at risk, Oxfam is calling on governments to tackle carbon inequality by targeting the wealthiest with new taxes, especially on luxury assets like superyachts, private jets, and investments in polluting industries.

The anti-poverty NGO specifically urged UK Chancellor of the Exchequer Rachel Reeves to announce higher taxes on private jets and superyachts in her budget proposal set for Wednesday, noting the “astronomical” emissions generated by the lifestyles of the world’s ultra-rich.

According to Oxfam research, the world’s 50 richest billionaires produce as much carbon in just three hours as the average British citizen does over their lifetime. These billionaires average 184 private jet flights annually, clocking around 425 hours in the air generating carbon emissions equivalent to those of an average person over 300 years. Meanwhile, their yachts emit as much carbon as a single person would over 860 years.

Alex Maitland, one of the report’s authors, emphasized that “superyachts are by far the most polluting toy that a billionaire can own, except perhaps for a rocket ship.”

To calculate yacht emissions, Oxfam researchers examined factors like vessel size, engine specifications, fuel type, time spent at sea, and additional amenities, such as hot tubs and helicopter hangars, which increase fuel consumption.

The report also highlights a less visible yet even more significant source of emissions: the investment portfolios of the ultra-wealthy.

Oxfam found that emissions from these investments are 340 times higher than those from private jets and yachts combined. Much of this investment capital is funneled into high-emission industries like oil, mining, shipping, and cement – sectors with a track record of lobbying against climate action.

Nearly 40% of the wealthiest individuals' holdings are concentrated in these emissions-heavy industries, according to Oxfam.