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Richest 1% account for more carbon emissions than poorest 66%, report says (www.theguardian.com)

submitted 1 year ago by [email protected] to c/world

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[–] Pipoca 10 points 1 year ago (1 children)

Twelve of the world’s wealthiest billionaires produce more greenhouse gas emissions from their yachts, private jets, mansions and financial investments than the annual energy emissions of 2m homes, ...

“Billionaires generate obscene amounts of carbon pollution with their yachts and private jets – but this is dwarfed by the pollution caused by their investments,” said Oxfam International’s inequality policy adviser Alex Maitland.

“Through the corporations they own, billionaires emit a million times more carbon than the average person. They tend to favour investments in heavily polluting industries, like fossil fuels. ...

The carbon footprints of the investments were calculated by examining the equity stakes that the billionaires held in companies. Estimates of the carbon impact of their holdings was calculated using the company’s declarations on scope 1 emissions – direct emissions from sources owned or controlled by a company – and scope 2, indirect emissions.

Most of that isn't their direct expenses, but from the businesses they own. Their actual travel and direct expenses are a small fraction of the emissions stated in that:

A superyacht kept on permanent standby generates about 7,000 tonnes of CO2 a year, according to the analysis.

“The emissions of the superyachts are way above anything else,”

The average carbon footprint in the US is 16 tons. 7000/16 = 437.5. The emissions of these billionaires is mostly not private jets and super yachts, and the emissions from super yachts and private jets are a very small percentage of the US's total transportation emissions.

[–] guacupado 6 points 1 year ago (1 children)

The emissions of these billionaires is mostly not private jets and super yachts, and the emissions from super yachts and private jets are a very small percentage of the US’s total transportation emissions.

I'd say their personal emissions for their luxuries are still significantly several times the average person.

[–] Pipoca 5 points 1 year ago

Sure. In terms of directly produced emissions, most billionaires emit somewhere between 100-1000 times as much as the average American.

Which, yeah, isn't all that equitable. But there just aren't that many billionaires, and there's hundreds of millions of average Americans.

It's not like wealth, where the richest 735 billionaires have as much wealth as the poorest 166 million Americans.