Researchers at Oxfam, a nonprofit devoted to combating poverty, examined billionaires who collectively own $2.4 trillion in company equity, with investments across 183 companies.
Carbon dioxide and other pollutants billows from a stack at PacifiCorp's coal-fired Naughton Power Plant, near where Bill Gates company, TerraPower plans to build an advanced, nontraditional nuclear reactor, Thursday, Jan. 13, 2022, in Kemmerer, Wyo.billionaires each emit about 3 million metric tons of carbon dioxide on average per year, more than 1 million times the amount emitted by 90% of people, according to a new study.
Collectively, their annual carbon dioxide emissions total about 393 million metric tons, which is about the same annual carbon footprint of France with its population of 67 million people, according to the"Extreme inequality and wealth concentration undermine the ability of humanity to stop climate breakdown," the organization said."Very rich people emit huge and unsustainable amounts of carbon and have an outsized influence over our economy.
About 24% of the billionaires' investments were in the consumer discretionary sector, which includes automobiles, luxury goods and hospitality services. About 18% were in consumer staples, which includes food, beverages and household goods. Eleven percent were in finance, 7% were in energy and 7% were in materials. One business is a renewable energy corporation.
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