A new report has revealed that a billionaire's biggest carbon footprint isn't their jet-set lifestyle — it's how they invest their money.
What happened?
Climate scientist Katharine Hayhoe summarized the findings of the report in a post on LinkedIn, saying: "We all know private jets and yachts pump out huge carbon emissions — but this latest Oxfam report on emissions inequality uncovers the real kicker: that a billionaire's biggest carbon footprint isn't their lifestyle, it's their investments."
Oxfam looked at the investments of 41 of the 50 richest people in the world for the study and found that their average investment pollution came out to around 2.7 million tons of carbon dioxide equivalents.
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"That is around 340 times their emissions from private jets and superyachts combined," the report states.
Why is this report important?
According to the report, each billionaire's investment pollution equals nearly 400,000 years of consumption pollution contributed by the average person.
All of this funding for dirty, planet-warming industries puts countless lives at risk. For instance, an estimated 400,000 people die each year due to hunger and diseases related to an overheating planet, according to the American Security Project. The organization adds that the death toll is expected to rise to 700,000 per year by 2030.
Plus, the increased frequency and intensity of hurricanes is costing us. USA Today reported that U.S. hurricane-related costs soared past $100 billion in 2024 due to disasters such as Hurricane Beryl, Helene, and Milton.
What's being done about dirty-industry investments?
According to Oxfam, 40% of these billionaires' investments are funding highly polluting industries such as oil, mining, shipping, and cement. Meanwhile, only 24% of the companies they invest in have set net-zero targets.
The world's super-wealthy could reverse this trend by simply investing more responsibly, Hayhoe said.
"Swapping out those investments for low-carbon options would cut their pollution by a factor of 13," she said in her post.
Meanwhile, a number of institutions have made their own commitments to divest from climate-impacting industries. For instance, massive denominational churches like the Presbyterian Church are cutting all financial ties to dirty energy. You can do the same by investing in clean economy stocks, upgrading to a green 401(k), or transferring your savings to an eco-friendly bank.
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