Billionaires Emit Lifetime’s Worth of CO2 in Just 90 Minutes!

As the planet heads towards a potential increase in temperature of 3.1°C this century, Oxfam International has recently pointed the finger at the world’s billionaires. Their extravagant lifestyles, including the use of superyachts and private jets, as well as their investment choices, result in carbon emissions that surpass what the average person emits over their entire life—all within just 90 minutes.

This revelation comes from Carbon Inequality Kills, a pioneering study by Oxfam that was published just before COP29, the upcoming United Nations climate summit in Baku, Azerbaijan. The report meticulously traces the carbon emissions linked to the opulent travel and investment habits of the top 50 wealthiest individuals globally.

Oxfam’s executive director, Amitabh Behar, criticized the ultra-wealthy in a press release, stating, “The superrich are burning our planet for their amusement and gain. Their extravagant vehicles and investments are more than mere symbols of luxury; they pose a real threat to our world and its inhabitants.”

The report details that Oxfam identified private jets owned by 23 out of the 50 richest billionaires; the remainder either do not own jets or have not made such ownership public.

These 23 billionaires averaged 184 flights, totaling 425 hours in the air over one year, equivalent to circling the globe ten times each. Their jets emitted an average of 2,074 tonnes of carbon annually. This amount is equal to the carbon footprint of the average global citizen over 300 years, or over 2,000 years for those among the world’s poorest 50%.

For instance, Elon Musk, identified as the wealthiest person according to recent updates from Bloomberg and Forbes, owns at least two private jets. These aircraft jointly emit 5,497 tonnes of CO2 yearly, equating to 834 years of emissions for an average global citizen or 5,437 years for someone from the poorest half of the global population.

Jeff Bezos, founder and executive chairman of Amazon, and either the second or third richest individual globally, owns two jets that spent nearly 25 days airborne last year, emitting 2,908 tonnes of CO2. It would take an average U.S. Amazon employee about 207 years to emit that much CO2.

The report also highlights the sharp rise in the number of superyachts since 2000, with approximately 150 new launches annually. These massive vessels not only consume significant fuel but also accrue substantial emissions from amenities such as air conditioning and swimming pools. Even when docked, these yachts still produce about 22% of their total emissions.

According to Oxfam, superyachts are not subject to EU carbon pricing or International Maritime Organization emissions regulations. The organization identified 23 superyachts owned by 18 billionaires from their study. On average, each yacht traveled 12,465 nautical miles annually, akin to crossing the Atlantic nearly four times.

Oxfam estimates each yacht’s average annual carbon emissions at 5,672 tonnes, over three times the emissions from their private jets. This is equivalent to 860 years of emissions for an average global citizen and 5,610 years for someone from the poorest 50%.

The Walton family, heirs to the Walmart empire, own three superyachts worth over $500 million. These yachts traveled a combined 56,000 nautical miles in one year, emitting a total of 18,000 tonnes of CO2—equivalent to the annual emissions of approximately 1,714 average Walmart employees. The family’s vast wealth has also been linked to driving economic inequality in the U.S. through practices such as low wages and significant CEO compensation.

In terms of investments, the report notes that the wealthiest 1% control 43% of global financial assets, with billionaires either leading or heavily investing in 34% of the 50 largest publicly traded companies globally. The carbon footprint from these investments is significant, with the average emissions from the investments of the 50 richest billionaires estimated at about 2.6 million tonnes of CO2 equivalents each. This is roughly 340 times their combined emissions from private jets and yachts.

Behar concluded, “The excessive emissions from the richest individuals, both from their luxury lifestyles and their polluting investments, are exacerbating inequality, hunger, and are undeniably endangering lives. It is not only unjust but deadly that their unchecked pollution and greed are contributing to the very crisis that threatens our shared future.”

The report emphasizes the urgent need for systemic changes to reduce emissions from the wealthiest, ensure polluters pay their fair share, and reimagine our economies and societies for the betterment of all and the health of the planet.

This analysis serves as a stark reminder of the role that wealth and power play in hindering the achievement of the Paris Agreement’s goals, as the world leaders prepare to meet in Baku to discuss strategies for limiting global warming to 1.5°C this century.

The report also points out that the collective wealth of the world’s 2,781 billionaires, valued at $14.2 trillion, could close the funding gap necessary to meet renewable energy and efficiency targets by 2030, as estimated by the International Renewable Energy Agency.