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According to Oxfam International’s latest report, billionaires’ indulgent lifestyles and investments emit more carbon dioxide in 90 minutes than the average person produces over their entire life. The report was released ahead of the COP29 climate conference in Azerbaijan, shedding light on how private jets, luxury yachts, and investments in polluting industries fuel climate change and worsen global inequality.
More Than Just Status Symbols
The statistics paint a staggering picture: among the 50 billionaires studied, each took an average of 184 flights per year, accumulating roughly 425 hours in the air. This resulted in an astounding 2,074 tonnes of CO2 emissions annually—equivalent to what an average person would produce over 300 years.
But private jets, despite their notorious environmental impact, are just one piece of the puzzle. Oxfam uncovered that yachts owned by these billionaires churn out as much carbon as an average individual would in 860 years. The environmental footprint of this lifestyle is not just excessive—it’s almost beyond comprehension.
Elon Musk and Jeff Bezos exemplify the problem. Musk’s two jets alone produced 5,497 tonnes of CO2 in a year—equal to 834 years of emissions for an average person. Bezos’s emissions were equally concerning as his two jets released 2,908 tonnes a year.
“The super-rich are treating our planet like their personal playground, setting it ablaze for pleasure and profit,” said Amitabh Behar, Oxfam’s Executive Director. “It’s not just unfair that their reckless pollution and unbridled greed is fueling the very crisis threatening our collective future—it’s lethal.”
The Human Cost
The impact of these emissions is not theoretical. The report says the world’s poorest communities are facing climate-induced challenges. Areas like Latin America and the Caribbean have been suffering from crop losses and severe economic strain. “Dirty investments and luxury toys…aren’t just symbols of excess; they’re a direct threat to people and the planet,” Behar emphasized.
Oxfam’s report points to the wealthiest 1% as a significant driver of emissions, which have contributed to a staggering $2.9 trillion reduction in global economic output since 1990. This economic toll has led to severe food shortages, impacting around 14.5 million people each year—a number that could soar to 46 million by 2050 if current trends persist.
The report calls for urgent policy changes, such as increased taxes on wealth and luxury carbon usage and tighter regulations on high-emission investments. “Rich countries have failed to keep their $100 billion climate finance promise,” it states, adding that with COP29 approaching, there’s no clear indication they’ll set a new, adequate goal to address the climate finance needs of Global South nations.
