The world's super rich are investing in industries that are harming the environment, according to a report on climate change by the global organization Oxfam.
What to Know
The wealthiest 1% of humanity is responsible for twice as much carbon emissions as the poorest 50% of the world's population; that amount of emissions is unsustainable.
By 2030, the carbon footprints of the ultra-wealthy are set to be 30 times greater than the level compatible with the 1.5° C goal of the Paris Agreement.
Billionaires are investing in polluting industries, such as fossil fuels and cement, at double the average rate for the S&P 500. The individual annual average is a million times higher than someone in the bottom 90% of humanity.
Billionaires and corporations that do not publicly reveal their emissions (and are therefore not included in the research) are likely to be those that have a high impact on climate.
Fewer than 1 in 3 of the 183 corporations reviewed by Oxfam are working with the Science Based Targets Initiative, just 16% have set net zero targets, and only one billionaire in the sample had investments in a renewable energy company.
This is a summary of the article, "Carbon Billionaires: The Investment Emissions of the World’s Richest People," published by OxFam on November 6, 2022. The full article can be found on oxfamamerica.org.
For more news, follow Medscape on Facebook, Twitter, Instagram, and YouTube.
Cite this: Billionaires Are Bad for the Environment - Medscape - Jan 23, 2023.
Comments