Minority Billionaires Emit 1 Million Times More Greenhouse Gases Than Ordinary People... "Grave Responsibility in Climate Crisis"

UK Charity Oxfam Publishes Report Analyzing Investments of 125 Billionaires
"Expose and Change Their Behavior at COP27"

On the 7th, Ant?nio Guterres, UN Secretary-General, delivered a speech at the opening ceremony of the 27th United Nations Climate Change Conference of the Parties (COP27) summit held in Egypt. Photo by Yonhap News

[Asia Economy Reporter Kim Sung-wook] A study has revealed that billionaires emit 1 million times more greenhouse gases than ordinary people. On the 7th (local time), according to CNN, the British charity Oxfam released a report analyzing the investments of the 125 wealthiest billionaires in the world.

According to the report, the investments of billionaires account for 70% of total emissions. Billionaires' investments emit an average of 3 million tons of carbon dioxide (CO₂) per person annually, which is more than 1 million times the average of 2.76 tons for the bottom 90%. Nafkot Davi, Oxfam's Head of Climate Change, said, "The lifestyle of billionaires, including emissions from private jets and yachts, is already thousands of times higher than that of ordinary people," adding, "When looking at emissions generated from their investments, it is more than 1 million times higher."

Davi stated, "A few billionaires have 'investment emissions' equivalent to the total carbon emissions of entire countries such as France, Egypt, and Argentina," emphasizing, "The increasing responsibility of wealthy individuals in overall emissions is rarely discussed or considered in climate policy-making. This must be corrected." He also pointed out, "Billionaire investors at the top of the corporate pyramid bear enormous responsibility for causing climate collapse, yet they have evaded accountability for far too long."

According to the report, billionaires invest an average of 14% in polluting industries such as energy and cement, but only one billionaire invested in renewable energy companies. Davi said, "COP27 is needed to expose and change the role of large corporations and wealthy investors who profit from pollution causing the global climate crisis."

Meanwhile, the 27th United Nations Climate Change Conference of the Parties (COP27) was held on the 7th in Sharm El Sheikh, Egypt. About 40,000 participants, including delegations from approximately 200 countries, environmental and climate civil society groups, businesspeople, and journalists, gathered to discuss climate change responses such as compensation for 'loss and damage' to developing countries. COP27 is scheduled to continue until the 18th.