Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Analysis shows twelve billionaires’ climate emissions outpollute 2.1m homes

by admineconai November 20, 2023
written by admineconai November 20, 2023
655

A new Analysis by Oxfam and US researchers has shown that 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.

According to reports, these tycoons include the Amazon boss, Jeff Bezos, the Russian oligarch Roman Abramovich, the tech billionaires Bill Gates, Larry Page and Michael Dell, the inventor and social media company owner Elon Musk and the Mexican business magnate Carlos Slim.

The analysis, which looked at their luxury purchases, which include superyachts, private jets, cars, helicopters and palatial mansions, combined with the impact of their financial investments and shareholdings revealed that they account for almost 17m tonnes of CO2 and equivalent greenhouse gas emissions annually.

According to conversion data from the US Environmental Protection Agency, this is the same as the CO2 and equivalent emissions from powering 2.1m homes or the emissions from 4.6 coal-fired power plants over a year.

Read also: National Trust asks UK govt to improve climate resilience

The true scale of the investment emissions of these individuals is not generally systematically calculated or reported. Oxfam analysts working with two US academics, Beatriz Barros and Richard Wilk, used publicly available data to calculate the greenhouse gas impacts.

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

Speaking further, Maitland said that the world’s poorest communities, those who have done the least to cause climate change – those who are least able to respond and recover – are the ones who are suffering the worst consequences. This is unfair and immoral.

Also, the lifestyle emissions were estimated by examining the carbon footprint of the billionaires’ purchases, such as the $500m superyacht that Oceanco built recently for Bezos. The yacht, which is 127 metres (417ft) long and took three years to build, boasts the title of the largest sailing vessel in the world. Its carbon emissions are at a minimum about 7,154 tonnes a year, according to the analysis by Wilk and Barroz.

The superyachts owned by the likes of Bezos, Abramovich, the former Google tycoons Page and Eric Schmidt and by Bernard Arnault, the French tycoon at the helm of a jewellery and fashion empire, have carbon footprints that far exceed those of the private jets owned by 10 of the 12 billionaires.

Story was adapted from the Guardian.

0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Many dead as floods hit Kenya’s Mombasa
next post
Yobe to plant 40m trees in 5 years

Related Posts

Former French PM urges China, Europe to unite...

October 22, 2025

WHO unveils an ambitious blueprint for action on...

October 20, 2025

New report shows nearly 900 million poor people...

October 20, 2025

New study shows overheating world will add 57...

October 16, 2025

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World