Billionaires are getting richer fast. And they break records in CO2 emissions.

The world’s richest 1% earned nearly two-thirds of the wealth created since 2020, twice as much as the rest of the population, a new Oxfam report shows. Additionally, every billionaire in the world emits a million times more carbon dioxide than the average person.

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In 2020, Oxfam and the Stockholm Environment Institute (SEI) showed that the richest 1% of the world’s population produce more CO2 emissions than the poorest half of humanity. The super-rich’s share of global emissions is rising rapidly.

Two years later, another Oxfam report found that the investments of just 125 billionaires emit 393 million tons of CO2 each year, the equivalent of France. Each of the 125 billionaires spend an average of a million times more a year than the poorest 90 percent. Humanity.

These billionaires’ investments totaling $2.4 trillion in 183 companies produce an average of 3 million tons of CO2 per person, a million times more than the equivalent of 2.76 tons of CO2. , which is the average of people living under the 90th percentile.

Negative impact on climate

The report’s authors note that the actual level of emissions could be much higher. It has been shown repeatedly that the carbon dioxide emissions released by companies are systematically underestimated. Billionaires and corporations that do not publicly disclose their emissions cannot be included in the report. However, they have a major negative impact on climate.

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“The investments of these few billionaires create the equivalent emissions of the carbon footprint of entire countries like France, Egypt and Argentina,” said Nafkot Dabi, Oxfam’s climate change manager.

– The significant and growing responsibility of the rich for common emissions is rarely discussed, rarely taken into account when shaping climate policy. This has to change. These billionaire investors at the top of the corporate pyramid bear a great deal of responsibility for climate disruption. They have shirked responsibility for a long time, Dabi said.

According to Tabi,Emissions from billionaires’ lifestyles, their private jets and yachts are thousands of times greater than the average person’s.This is completely unacceptable.”

Shocking Profits of the Rich

Since 2020, in years marked by the pandemic and cost-of-living crisis, the top 1% have earned $26 trillion (63%) of all new wealth, while a total of $16 trillion (37%) has gone to others. World – According to an Oxfam report published in January 2023.

Since 2020, billionaire fortunes have increased by $2.7 billion daily. The number and wealth of billionaires has doubled in the last ten years, completing a decade of historic growth.

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