New Oxfam report on how billionaire emissions endanger the health of millions

The British organization Oxfam reveals alarming data in its latest report about the carbon footprint generated by the world’s 50 richest people. According to the report, these emissions significantly contribute to the climate crisis, leading to economic losses in the trillions of dollars annually and millions of premature deaths.

Superyachts and private jets

The report, titled Carbon Inequality Kills, focuses on emissions generated by billionaires and compares them to the carbon footprint of the average citizen. The results are shocking. The elite, comprising 1% of the global population, is responsible for half of all emissions related to air travel. Jets owned by 23 billionaires produce as much CO₂ annually as an average person would in… 300 years. Elon Musk alone owns two jets, whose yearly emissions are comparable to the carbon footprint that a citizen of the poorer half of the world would generate over… 5,437 years.

Superyachts are also a significant problem, with their numbers doubling since 2000. Oxfam identified 23 superyachts belonging to 18 billionaires, which annually emit as much greenhouse gas as an ordinary person would over 860 years—that’s three times more than private jets. The Walton family, owners of the famous Walmart chain, has three superyachts that covered 56,000 nautical miles in a year, producing as much CO₂ as 1,700 Walmart employees.

High-carbon footprint investments

The emissions generated by billionaires don’t end with luxury travel. A key source turns out to be their investments in controversial, high-emission sectors such as oil extraction, mining, maritime transport, and cement production. In total, each of the 41 billionaires whose investment portfolios Oxfam analyzed is responsible for emissions that an average person would generate through normal consumption over… 400,000 years.

This is significant because the 50 richest people in the world control 43% of global financial assets and 34% of the 50 largest companies on Earth. Their role in shaping the economy’s structure—and consequently, greenhouse gas emissions—cannot be overstated. Worse still, Oxfam’s research indicates that many companies backed by billionaires actively lobby against climate actions, with only 24% of them declaring net-zero emissions targets.

How to reduce billionaire emissions?

The capital elite contributes significantly to deepening global social inequality. Climate change linked to the activities of the wealthiest 1% could cost the global economy $52.6 trillion by 2050. Low- and middle-income countries will feel the effects most acutely, as emissions from the richest contribute to crop declines, increasing the risk of food shortages and famine.

Oxfam calculated that from 1990 to 2019, the consumption emissions of the world’s wealthiest led to crop reductions equivalent to enough calories to feed 14.5 million people over three decades. Meanwhile, the carbon footprint of just four years of billionaire lifestyles would be enough to cause the death of 1.5 million people by 2120 due to climate change.

What can be done? The report’s authors call for a progressive income tax that would reach 60% for the wealthiest. This would reduce global emissions by the equivalent of the UK’s annual CO₂ output. Additionally, investments in polluting sectors should be taxed. Oxfam also suggests an outright ban on high-emission luxury lifestyles, starting with superyachts and private jets and including sports cars.

Governments need to ensure that polluters bear the costs, with these funds supporting actions to counteract and mitigate the effects of climate change.