Billionaires create a million times more CO2

Business, households and methane released from permafrost are damaging the environment. A new report from the British charity Oxfam highlighted the damage billionaires do to the environment. The rich lifestyles of the world's wealthiest people create a lot more CO2 than the average person. Their investments and lifestyles mean the average billionaire creates three million metric tons of carbon dioxide per year. This is a million times more than what the average person creates. Billionaires create as much CO2 as the whole country of France.

The lifestyles, luxury yachts, mansions and private jets mean billionaires have a huge carbon footprint. An Oxfam spokesperson spoke at the COP 27 Climate Change Conference in Egypt. She gave details about CO2 and the super-rich. She said: "The major and growing responsibility of wealthy people for overall emissions is rarely discussed or considered in climate policy making. This has to change." She added: "These billionaire investors…have a huge responsibility for driving climate breakdown. They have escaped accountability for too long."