World’s richest emit 3M tonnes of carbon annually
The major and growing responsibility of wealthy people for overall emissions is rarely discussed or considered in climate policy -making. This has to change.
Daily TribuneThe major and growing responsibility of wealthy people for overall emissions is rarely discussed or considered in climate policy -making. This has to change.
Oxfam Philippines has called on the Marcos administration to hold the world’s wealthiest billionaires accountable for contributing up to three million tonnes of carbon dioxide that contributes to global warming. | NOEL CELIS/Agence France-Presse
The world's 125 wealthiest billionaires emit up to three million tonnes of carbon each year from their investments, more than a million times the average for someone in the bottom 90 percent of humanity.
Oxfam's latest report titled, "Carbon Billionaires: The investment emissions of the world's richest people," said the actual figure is likely to be higher still, as published carbon emissions by corporates have been shown to underestimate the accurate level of carbon impact systematically, and billionaires and corporates who do not publicly reveal their emissions, so could not be included in the research, are likely to be those with a high climate impact.
"The major and growing responsibility of wealthy people for overall emissions is rarely discussed or considered in climate policy-making. This has to change. These billionaire investors at the top of the corporate pyramid are responsible for driving climate breakdown. They have escaped accountability for too long," said Nafkote Dabi, Climate Change lead at Oxfam.
"Emissions from billionaire lifestyles, their private jets, and yachts are thousands of times the average person, which is already completely unacceptable. But if we look at emissions from their investments, their carbon emissions are over a million times higher," Dabi said.
Phl should make rich accountable
On Friday, Oxfam Pilipinas encouraged the Philippine delegation currently engaging in climate talks in Egypt to carry through with its promise to hold accountable rich countries and companies who have heavily contributed to carbon emissions and the resulting climate crisis.
The call came after a new Oxfam report detailing how the world's wealthiest people cause a million times more carbon emissions than an average person.
"The Philippines needs ambitious, comprehensive, and inclusive climate plans to survive and thrive in this climate emergency. The government should call for carbon majors or those who contributed the most carbon emissions to pay compensation and reparation for their historical and current emissions, on top of previous climate finance commitments," Oxfam Pilipinas Country Director Lot Felizco said.
Felizco said climate-vulnerable countries like the Philippines have the most to lose in the face of a climate emergency. "We should be at the forefront of this fight as we ensure that climate-vulnerable countries are armed with enough resources and technology to mitigate and adapt to climate change," she said.
Oxfam Pilipinas was among the non-government organizations that sent position papers to Environment Secretary Antonia Yulo-Loyzaga, who is heading the country delegation at this year's 27th Conference of Parties to the UN Framework Convention on Climate Change.
The Department of Environment and Natural Resources earlier stated that the Philippine delegation believes that "addressing Loss and Damage is crucial for Philippine climate action plans" and that they will assert "what is due for the developing countries which hardly produce any greenhouse gas emissions, yet they suffer the most and continue to bear the brunt of the adverse impacts of climate change."
The position paper emphasized the massive loss Filipinos experience when faced with extreme weather events exacerbated by climate change. Super -typhoon Rai (Odette) killed more than 400 people and resulted in hundreds of millions of dollars in damage to agriculture, livelihood, and infrastructure.
Oxfam Pilipinas called for climate plans that address the needs of communities most affected by the crisis and their inclusion in crafting strategies and policies.
The position paper asked the Philippine government to include the following points in the climate talk delegation's policy agenda:
Enforce accountability for real actions by high emitters on climate commitments made so far and increase the ambition of these.
Secure climate commitments aligned with the needs and priorities of communities affected by the climate crisis.
Ensure the prioritization of all women, girls, LGTBQI+ people, and the most marginalized in policies and planning on adaptation, climate finance, loss and damage, just transition, etc.
Ensure the inclusion and engagement of communities most affected by climate change (women, youth, indigenous peoples) in the UNFCCC negotiation process (e.g., on adaptation, loss, damage, agriculture, just transition, etc.).