Photograph: scphoto/AlamyPhotograph: scphoto/AlamyThe super-rich emit greenhouse gases at a level equivalent to the whole of France from their investments in carbon intensive businesses, according to analysis published on the opening of the Cop27 UN climate talksExamining the carbon impact of the investments of 125 billionaires, the research found they had a collective $2.4tn stake in 183 companies.
“Each of these billionaires would each have to circumnavigate the world almost 16m times in a private jet to create the same emissions,” the report said – adding that almost four million people would have to go vegan to offset the emissions of each of the billionaires. The tech billionaire Mike Cannon-Brookes took up a significant holding in the Australian energy company AGL to prevent it from continuing to operate coal power plants for another two decades, the report said.
The charity has estimated that imposing a wealth tax on the world’s super-rich could raise $1.4tn a year, which could help developing countries who are worst-hit by the climate crisis to adapt, address loss and damage and carry out a just transition to renewable energy.