“If the entire population consumed like the 50 richest people in the world, the global carbon budget would be exhausted in just two days”laments Oxfam in a report published Monday October 28. The NGO alerts “the disproportionate role of the ultra-rich in the climate crisis”. The study reveals that on average “a billionaire among the 50 richest people in the world, emits 7,746 tonnes of CO2 just with his consumption of jets and yachts per year”, while a “person among the poorest 50% of humanity emits 1.01 tonnes of CO2 per year through their consumption”.
Oxfam estimates Elon Musk's carbon footprint at 5,947 tonnes of CO2. This means that the boss of Tesla and Space “834 years of emissions for a person in the global average”or even “5,437 years for a person in the poorest 50% of the planet”. Another example provided by the NGO, that of the French billionaire Bernard Arnault who issues “1,200 times more CO2 emissions than the average French person”.
The ultra-rich not only pollute with their lifestyle, their investments are also a source of significant carbon emissions. Oxfam noted in particular that almost half (40%) of the investments of billionaires are found in “highly polluting industries”such as oil, mining, shipping or cement. The NGO ensures that “50 richest billionaires in the world pollute more than 1.3 billion people worldwide through their financial wealth alone”. The study explains that “Bernard Arnault has a carbon footprint linked to his financial assets 200,000 times higher than that of an average French person”. “Bernard Arnault emits as much CO2 in 3 hours and 20 minutes as a French person in his entire life, via financial assets”the NGO is alarmed.
Faced with this observation, Alexandre Poidatz, advocacy manager “inequalities and climate” at Oxfam France calls, at the microphone of France Inter, to “put the weight of the ecological transition on those primarily responsible, those who emit the most, the richest. The NGO pleads for “a climate ISF“, that's to say “to tax the level of heritage and the quantity of CO2 it contains”as well as for “a tax on dividends from companies that do not respect the Paris agreement”. The study also suggests banning or taxing “to deter carbon-intensive luxury consumption”.
Oxfam is also urging billionaires to become aware of their environmental impact and change their behavior accordingly. “If they transferred their investments to a low-carbon investment fund, their emissions would be 13 times lower”estimates the NGO. She considers that “If the fortunes of the world's 2,781 billionaires were invested in renewable energy and energy efficiency measures by 2030, this wealth could cover the missing funding from governments to keep global warming below 1, 5 degree”.
Methodology
To establish this observation, the NGO looked into “emissions from private jets, yachts and polluting investments”but also on “the carbon footprint of the financial assets of the 50 richest people in the world”.
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