Monthly Archives: June 2020

Billionaires and emissions

Humanity currently emits around 40 gigatonnes of carbon dioxide every year. That is 40,000,000,000 tonnes. There are 7.7 billion of us, so that works out at about 5 tonnes per person per year. Of course our emissions are not evenly spread. National averages vary a lot, with high emitters like Bahrain emitting 24 tonnes per person while the people of Burundi emit on average 0.0, or too little to measure. The figures for USA are 15.7, China 7.7, UK 5.7 and India 1.8.

Finding data on carbon emission by the wealth of individuals is very much harder than finding these national averages. One thing is very clear; these individual emissions would be very much more widely spread. The typical billionaire lifestyle involves the use of private jets, super yachts and other aspects of excessive consumption. There are currently 2,153 billionaires in the world, and by my calculations they each emit on average at least 1,000 tonnes per year, and this is almost certainly a very considerable underestimate.

Oxfam figures reveal that these 2,153 billionaires own more than the 4.6 billion poorest people. If we compare their emissions with the poorest billion or two of the population, who’ve never been in an aeroplane or owned a car, then it becomes apparent that the emissions of these couple of thousand individuals will be equal to many hundreds of millions, if not billions, of the poorest people.

Climate change is spiralling out of control at exponential speed. It is abundantly clear that we need to reduce emissions from 40 gigatonnes to zero as fast as humanly possible. There is much we can do technologically. Technical change alone will of course not be enough. We will need redistribution of wealth on a massive scale, and the abandonment of consumer driven capitalism and the massive levels of waste and excess that these lifestyles entail.

We will have to do many things that are currently considered impossible. One of the most important will be the rapid elimination of all billionaires, not through genocide but through taxation. The taxation would need to be globally administered and all tax havens and tax loopholes closed.

Humanity faces multiple crises simultaneously: climate, ecological, social and political. They are all intrinsically linked. We can only solve one by solving them all. Any ecologically sustainable future will also inevitably be more equal and fairer. Humanity cannot carry the dead weight of so much excess.

An academic analysis of the damage that excess affluence causes is beginning to emerge. In a sense this echoes what Mahatma Gandhi said: “The world has enough for everyone’s needs, but not everyone’s greed”. Extreme wealth almost inevitably causes extreme damage. We see this across everything from how it distorts politics to how it breaks social cohesion. It also carries unacceptable levels of carbon emissions.