Super-rich Europeans, with their intensive use of superyachts and private planes, emit as much greenhouse gases in one week as the world’s poorest 1 percent do in their lifetime. This was evident from a new Oxfam report on Monday, Carbon Inequality Killswhich was launched in the run-up to the climate negotiations in Azerbaijan.
The analysis shows that an ultra-rich European, who makes more than $310,000 annually after taxes, takes an average of 140 flights per year and thus produces as much CO₂ as the average European does in 112 years. In the same period, an ultra-rich European on his yacht emits as much carbon as an ordinary European in 585 years.
If the world continues with current emissions, the remaining carbon budget (how much CO₂ can still be emitted to limit global warming to 1.5 degrees Celsius) will be exhausted in about four years. If everyone were to emit as much as the richest 1 percent, that would be in less than five months.
Moreover, the emissions from the investments of these super-rich are even higher: the average investment emissions of 50 of the world’s richest billionaires are about 340 times their emissions from private jets and superyachts combined.
“They Feed Death”
“The super-rich in Europe treat our planet as their personal playground. Their dirty investments, their private jets and yachts are not just a symbol of excess; they fuel inequality, hunger and even death,” says Alba Saray Pérez Terán, climate policy officer at Oxfam Belgium.
“The super-rich have to pay the bill for their carbon footprint, not ordinary Belgians. This means more taxes for the super-rich, such as a wealth tax and higher taxes on superyachts and private jets,” concludes Pérez Teràn.
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