The report, published Monday by the UK-founded charity Oxfam, based its findings on detailed analysis of the investments of 125 of the world’s richest billionaires.
The wealthiest people in the world get up to 70 percent of their emissions from their investments.
Each million dollars spent on carbon dioxide and other components of the environment generates an average of 3 million tons of CO2 per year.Two thousand times greater than the average 2.76 tons of CO2 for those living in the bottom 90%.
Oxfam’s climate change lead Nafkote Dabi said emissions from billionaires’ lifestyles, The price of their luxury aircraft is higher than that of the average person. Their carbon emissions are more than a million times higher due to investments.
These few billionaires are investing in countries like France, Egypt or Argentina.
The vast and increasing responsibility of wealthy people for overall emissions is rarely recognized. Considered for climate policy making. This needs to change.
The billionaires are responsible for investing in what they do best. Climate breakdowns are driven by the environment. They have escaped accountability for too long,” Ms. Sanders said.
According to the report, billionaires invest an average of 14 percent of their lives in polluting industries, major energy materials like cement are particularly important A few millionaires invest in renewable energy.
The role of big corporates needs to be exposed and changed at COP27.and their rich investors are playing in profiting from the pollution that is driving the global climate crisis,” Dabi said.