Study Finds Billionairs Emit A MillionTimes More Greenhouse Gases

According to a new report published by the British-founded charity Oxfam Monday, the lifestyles of billionaires create more than a million times more greenhouse gas emissions than the average person. In its findings on a detailed analysis of the investments of 125 of the world’s richest billionaires.

The report indicates a staggering 393 million tons of CO2 every year, which is the same amount as France. Since billionaires have a combined share of $ $ 2.4 trillion in 183 companies, people are heavily involved in emissions production. This is equivalent to the yearly emissions of 85 million cars.

This is one million times more than someone in the bottom 90 per cent of humanity. Everyone who earns below €173,000 on average is in this group.

Oxfam says the number is likely to be even higher, as companies producing the most emissions often misinterpret their actual numbers. 

“ Issues of billionaires’ lifestyles, due to its frequent use of private planes and yachts, They are thousands of times larger than an average person, which is already completely unacceptable ”, said Nafkote Dabi, Oxfam’s climate change leader, in a release. 

“ But if we look at the emissions from its investments, then its carbon emissions are a million times higher ”, he adds.

The report comes when COP27 is already embroiled in controversy as the world is still far from the objectives of the Paris agreement. Prominent figures like Greta Thunberg have scorned the event, calling it “green wash ”.