Oxfam Report Accuses Super-Rich of Profiting From Climate Crisis
Oxfam reports that the wealthiest 0.1% earn a double dividend by investing in both polluting industries and the booming climate adaptation economy.
Oxfam released a report stating that the world's wealthiest 0.1% earn a double dividend from the climate crisis. The organization finds that these individuals profit first from polluting industries that drive global warming and second from the adaptation economy, which includes disaster preparedness, recovery, and reconstruction services. This adaptation market is projected to reach 92 billion dollars annually by 2029.
The report introduces a destroy and rebuild index identifying 217 corporations that either fuel climate breakdown or profit from adaptation. Asset managers BlackRock and Vanguard hold shares in 92% of these companies. Oxfam argues that these financial incentives lead the wealthy to use their political influence to delay necessary emissions cuts.
In response to these findings, Oxfam is demanding higher taxes on polluting companies, private jets, and the wealthy. The organization is also calling on the United Kingdom government to provide international climate financing through grants instead of loans to support vulnerable populations.
