2 weeks Ago By Irishexaminer.com
The global carbon budget to avoid world temperatures rising by 1.5C would be depleted in two days if everyone started emitting as much carbon as the average billionaire, a study by Oxfam has found. In its 'Carbon Inequality Kills' analysis, the NGO tracked emissions from private jets , yachts, and polluting investments and said the super-rich are fueling inequality, hunger, and death.
The report comes ahead of COP29 in Baku, Azerbaijan, amidst growing fears that climate breakdown is accelerating. Oxfam said that if the world continues its current emissions, 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.
However, if everyone’s emissions matched those of the richest 1%, the carbon budget would be used up in under five months. If everyone started emitting as much carbon as the average billionaire in Oxfam’s study, it would be gone in two days. Billionaires' carbon emissions Jim Clarken, CEO of Oxfam Ireland said the report finds that just a few billionaires can emit more carbon in a few hours than most people in Ireland will in their lifetime.
"As we head into COP29, Ireland has a responsibility to demand more from the global elite and our own billionaires," Mr Clarken said. "We need to push for wealth taxes on polluting investments and luxury emissions. "Climate breakdown is a ticking clock, and without decisive action from the wealthiest, we’ll all pay the price — but some more than others.
" Oxfam said the next Irish government should introduce a wealth tax on those with net wealth over €4m and ban or punitively tax carbon-intensive luxury consumptions, beginning with private jets and superyachts. “Ireland cannot turn a blind eye to the role our wealthiest citizens are playing in the climate crisis. "For the sake of people here in Ireland and those in the Global South, we must push for systemic change," Mr Clarken said.
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