In the time it would take you to finish watching a movie, the world’s top 50 billionaires would have already produced as much carbon pollution as an average person can produce in their lifetime.
According to a recent report by British non-profit Oxfam International, billionaires generate an alarming level of carbon emissions due to their jets, yachts, and “high-polluting environments” and are “accelerating the climate crisis.
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“Carbon Inequality Kills” is the first study of its kind, tracking how the “super-rich are fueling inequality, hunger and death across the world.” The report highlights the extremes of inequity and paints a pretty bleak picture for the average person.
For example, the world’s top 50 billionaires took 184 flights in one year, equivalent to 425 hours in the air — that’s as much carbon emissions as an average person would produce in 300 years. In addition, it would take an average person 860 years to match the amount of carbon emissions produced by yachts owned by the ultra-wealthy.
“The super-rich are treating our planet like their personal playground, setting it ablaze for pleasure and profit,” said Oxfam International Executive Director Amitabh Behar.
The report even calls out some of the worst offenders.
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Two private jets owned by American business magnate Jeff Bezos spent 25 days in the air in one year, emitting as much carbon as an average US Amazon employee would produce in over two centuries.
The Walton family, heirs to the Walmart fortune, own three superyachts. In 12 months, their yachts produced as much carbon as “around 1,714 Walmart shop workers.”
And the impact of carbon pollution has been catastrophic.
“Oxfam’s research shows that the emissions of the world’s super-rich 1% are causing economic losses of trillions of dollars, contributing to huge crop losses, and leading to millions of excess deaths,” warns the report.
To combat this, Oxfam urges governments to impose a permanent wealth tax on the top 1 percent.
“Their dirty investments and luxury toys — private jets and yachts — aren’t just symbols of excess; they’re a direct threat to people and the planet,” said Behar.