Between jets, yachts and investments in destructive companies, billionaires are speed running the apocalypse
Brandon Vigliarolo Wed 30 Oct 2024 // 10:30 UTC
Despite their self-professed environmental bona fides, tech billionaires like Elon Musk, Jeff Bezos, and the their ilk are responsible for so much carbon emissions that the average person would need a lifetime to match the amount one of them spews in 90 minutes.
That’s the claim from international nonprofit Oxfam, which yesterday published what it said is the first-ever study looking at the luxury transport (i.e., private jets and yachts) and investment emissions of 50 of the world’s richest billionaires.
“Oxfam’s research makes it painfully clear: the extreme emissions of the richest, from their luxury lifestyles and even more from their polluting investments, are fueling inequality, hunger and – make no mistake – threatening lives,” Oxfam International executive director Amitabh Behar said of the findings. “It’s not just unfair that their reckless pollution and unbridled greed is fueling the very crisis threatening our collective future – it’s lethal.”
Private jets, one of the most visible and publicized ways the ultra-rich get around, are significant polluters but still pale in comparison to the impact of their other indulgences. Billionaires are “treating our planet like their personal playground [and] setting it ablaze for pleasure and profit,” in Behar’s words.
Oxfam was able to identify private jets belonging to 23 of the billionaires it looked at for its report, and found that they flew an average of 184 times in a 12-month period, spending around 425 hours in the air during the period. Those jets emitted an average of 2,074 tons of carbon dioxide – equivalent to what the average person would emit in 300 years, or what someone in the global poorest 50 percent would emit if they lived for two millennia.
Musk and Bezos were called out for particularly egregious emissions, with Musk’s fleet of two (known) private jets responsible for 5,497 tons of CO2 over the course of a year (equivalent to 834 years of emissions from the average Earthling), and Bezos’ two-jet fleet emitting around 2,908 tons of carbon.
Once a darling of environmentalists for his work on electric vehicles, Musk has had no shortage of negative coverage for his excessive use of private jets, including for incredibly brief flights instead of a surface commute.
Yachts are even worse, with the average seafaring billionaire pleasure boat responsible for nearly three times as much carbon emission as the average private jet.
Along with looking at jet and yacht emissions, Oxfam also examined the stakes that various billionaires have in corporations and their publicly stated emissions, and the findings are stark.
Of the 50 billionaires studied, around 40 percent of their investments were in high-polluting industries like oil, mining, and shipping, with few having significant renewable energy investments. That means the average billionaire’s investment portfolio is responsible for 340 times the emissions of private jets and yachts – combined.
But don’t forget to recycle
While the billionaires in the study might be raking in the cash for themselves, Oxfam said that its findings suggest their voluminous carbon footprints are causing far more losses around the globe. (snip-More)
https://www.theregister.com/2024/10/30/tech_billionaires_carbon_footprint/