Fifty of the world’s richest billionaires, on average, produce more carbon in just 90 minutes than the average person does in their entire lifetime.
In Australia, one hour of emissions from Australian billionaires’ super yachts and private jets equals what an average Australian emits in an entire year, according to a new Oxfam study.
The first-of-its-kind study, “Carbon Inequality Kills,” tracks the emissions from private jets, yachts and polluting investments.
The report comes ahead of the 29th Conference of the Parties on Climate Change (COP 29) which will be held in Baku, Azerbaijan, from 11 to 22 November, 2024.
If the world continues its current emissions, the carbon budget (the amount of CO2 that can still be added to the atmosphere without causing global temperatures to rise above 1.5°C) will be depleted in about four years, the report said.
Oxfam Australia policy and advocacy lead, Josie Lee, said the supe rich are treating the planet like their personal playground, setting it ablaze for pleasure and profit.
Sadly, the world’s poorest countries and communities have done the least to cause the climate crisis, yet they experience its most dangerous consequences.
Rich countries have failed to keep their $100 billion climate finance promise, and heading into COP29, wealthy countries are trying to sidestep their responsibility, the report revealed.
A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change.
All eyes will be on the negotiated outcomes of the newly established National Collective Quantified Goal on Climate Finance (NCQG) – the successor to the USD 100 billion commitment on the Paris Agreement, which ends in 2025.