United News of Bangladesh

Ahead of the major international climate conference COP30 in Belem, Brazil, new Oxfam research reveals that the high-carbon lifestyles of the super-rich are rapidly exhausting the world’s remaining carbon budget, the amount of CO2 that can be emitted to avoid climate catastrophe. The research also details how billionaires are using their political and economic influence to keep humanity hooked on fossil fuels to maximize their private profit. The report, Climate Plunder: How a powerful few are locking the world into disaster, presents extensive new updated data and analysis which finds that a person from the richest 0.1% produces more carbon pollution in a day than the poorest 50% emit all year.  If everyone emitted like the richest 0.1%, the carbon budget would be used up in less than 3 weeks. Global warming reshapes extreme rainfall, snowfall across Northern Hemisphere: Study The super-rich are not just overconsuming carbon, but also actively investing in and profiting from the most polluting corporations. Oxfam’s research finds that the average billionaire produces 1.9 million tonnes of CO2e a year through their investments.  These billionaires would have to circumnavigate the world almost 10,000 times in their private jets to emit this much. Almost 60% of billionaire investments are classified as being in high climate impact sectors such as oil or mining, meaning their investments emit two and a half times more than an average investment in the S&P Global 1,200. The emissions of the investment portfolios of just 308 billionaires totals more than the combined emissions of 118 countries. “The climate crisis is an inequality crisis. The very richest individuals in the world are funding and profiting from climate destruction, leaving the global majority to bear the fatal consequences of their unchecked power,” said Amitabh Behar, Executive Director of Oxfam International. The power and wealth of super-rich individuals and corporations have also allowed them to wield unjust influence over policymaking and water down climate negotiations.  At COP29, 1,773 coal, oil, and gas lobbyists were granted badges, more than the 10 most climate-vulnerable nations combined. Multiple rich and high-emitting countries including the US, UK, France and Germany have watered down climate laws after large donations from anti-climate lobbyists.