Australia’s high-flying, yacht-sailing billionaires are responsible for giant carbon footprints that dwarf the average Australian, according to analysis exposing so-called “carbon inequality”.

A first-of-its-kind study by Oxfam has revealed just one hour’s worth of emissions from the super yachts and private jets of Australian billionaires is equal to what an average person emits annually.

Mining magnate Clive Palmer emits more than 5000 tonnes of carbon a year alone from his yacht voyages, while casino billionaire Gretel Packer emits nearly 8470 tonnes from yacht sailing.

“The super-rich are treating our planet like their personal playground, setting it ablaze for pleasure and profit,” Oxfam Australia policy and advocacy lead Josie Lee said of the data.

“The extreme emissions of the richest are fuelling inequality, hunger and – make no mistake – death. It’s not just unfair that their reckless pollution and unbridled greed is fuelling the very crisis threatening our collective future.

“It’s lethal. And it should be criminal.”

Emissions rising

All told, the richest 1 per cent, about 77 million people, accounted for 16 per cent of all carbon emissions in 2019.

The study comes before the COP29 conference at Baku, Azerbaijan as governments and advocates globally warn the climate crisis is accelerating as carbon emissions continue rising.

On the current trajectory the carbon budget, an estimate of the amount of CO2 that can be added to the atmosphere without causing temperatures to rise above 1.5 degrees, will be depleted in about four years.

“However, if everyone’s emissions matched those of the richest 1 per cent, the carbon budget would be used up in under five months,” Oxfam said.

There has been growing public criticism around the carbon footprints of the ultra-wealthy in recent years with everyone from business billionaires to top-tier celebrities copping flak.

Notably, pop star Taylor Swift has been singled out as a pervasive user of private jet travel, which is responsible for considerable carbon emissions.

But Swift is not actively investing billions in fossil fuel projects, either.

Polluting industries link

Oxfam’s research shows billionaires have outsized investments in polluting industries compared to the wider market.

Almost 40 per cent of billionaire investments analysed by Oxfam were in “highly polluting” industries, including oil, mining, shipping and cement.

“However, if they shifted their investments to a low carbon-intensity investment fund, their investment emissions would be 13 times lower,” Oxfam said.

Oxfam said the effects of the climate crisis that is being worsened by billionaire largesse is already having an impact, particularly on lower-income countries that are most exposed to the risks.

“Low- and lower-middle-income countries will lose about 2.5 per cent of their cumulative GDP between 1990 and 2050,” Oxfam said.

Southern Asia, South-East Asia and Sub-Saharan Africa will lose 3 per cent, 2.4 per cent and 2.4 per cent, respectively.

“High-income countries, on the other hand, will accrue economic gains.”

Despite that, higher-income nations are failing to keep a promise to finance $100 billion in climate mitigation and adaptation efforts in lower-income countries.

That will be a key topic at COP29, where higher-income nations in Europe and also the United States are expected to be pressed on how they’re progressing with climate finance pledges.