World's richest are benefiting from global climate crisis, says Oxfam
What's the story
A new report by Oxfam has revealed that the world's wealthiest people are not only benefiting from the causes of climate change, but also from its devastating effects. The study shows that the top 0.1% of the global population is heavily invested in disaster preparedness and recovery, a market projected to grow from $70 billion to $92 billion annually by 2029.
Double dividend
Widening inequality
The Oxfam report highlights a "double dividend" for the world's wealthiest and most powerful people from the climate crisis.
It also gives them an incentive to delay or disrupt action to solve the problem.
This situation worsens global inequality as those least responsible for global warming end up paying those most responsible through higher food prices, repairing homes damaged by extreme weather events, or relocating.
Accusation
Turning chaos into profit
Oxfam's Chief Influencing Officer Jean McLean has accused billionaires of turning chaos into profit.
She said, "The super-rich benefit at both ends of the crisis: first, through continued investment in polluting industries, and second, through investment in the booming 'adaptation economy' - recovery and rebuilding services are sold back to a warming world."
Emissions impact
Richest responsible for extreme heat events
The report states that the richest 0.1% of the world's population, a group of eight million people, are responsible for more carbon emissions than the poorest 3.5 billion combined.
This group has reportedly contributed to extreme heat events by 125 times more than the average person due to their lifestyles and investments in polluting industries.
Corporate impact
Corporations profiting from climate breakdown
Oxfam's new "destroy and rebuild" index has identified 217 corporations that either fuel climate breakdown or adapt to it.
These companies provide cooling devices, flood barriers, firefighting equipment, transportation, food, insurance, and loans.
Last year alone, they made an average of $1.8 billion and paid out $1 billion in dividends to shareholders.
Tax demand
Oxfam demands higher taxes on the rich
Oxfam is demanding higher taxes on the rich, private jets, oil and gas companies, and polluting firms.
Nafkote Dabi, climate change policy lead at Oxfam International, said, "Addressing the climate crisis is really easy. Control the richest, curb their power, curb their emissions, and also tax their wealth."
The organization has also called for an end to profiteering from climate disasters.