the filthy rich

Wealth of US Billionaires Hits $5.5 Trillion—Up 88% Since Pandemic Hit

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Original article by CHUCK COLLINS and OMAR OCAMPO republished from Common Dreams under a Creative Commons Attribution-Share Alike 3.0 License.

Jeff Bezos and his fiancée Lauren Sánchez arrive at an event in Milan, Italy on January 13, 2024.  (Photo: Jacopo Raule/Getty Images)

It’s been a rough few years for most people around the world—but not these folks.

Four years ago, the United States entered the Covid-19 pandemic. Forbes published its 34th annual billionaire survey shortly after with data keyed to March 18, 2020. On that day, the United States had 614 billionaires who owned a combined wealth of $2.947 trillion.

Four years later, on March 18, 2024, the country has 737 billionaires with a combined wealth of $5.529 trillion, an 87.6 percent increase of $2.58 trillion, according to Institute for Policy Studies calculations of Forbes Real Time Billionaire Data. (Thank you, Forbes!)

The last four years have been great for particular billionaires:

On March 18, 2020, Tesla CEO Elon Musk had wealth valued just under $25 billion. By May 2022, his wealth had surged to $255 billion. As of March 18, 2024, Musk is at $188.5 billion, more than a seven-fold increase in four years.

Over four years, Amazon founder Jeff Bezos has seen his wealth increase from $113 billion to 192.8 billion, even after paying out tens of billions in a divorce settlement and donating tens of billions to charity.

Three Walton family members — Jim, Alice, and Rob — are the principal heirs to the Walmart fortune. They saw their combined assets rise from $161.1 billion to $229.6 billion.

In 2020, only one billionaire — Jeff Bezos — had $100 billion or more. Today, the entire top ten are centi-billionaires, bringing their collective wealth to a staggering $1.4 trillion.

The only billionaire on the 2020 top 15 wealthiest Americans list to see their wealth decline in four years was MacKenzie Scott. Four years ago, on March 18, 2020, the ex-wife of Jeff Bezos had a net worth of $36 billion. It has declined to $35.4 billion due to her aggressive giving to charity.

For more details on how America’s billionaires have fared since the onset of the pandemic, check out our updates page.

Original article by CHUCK COLLINS and OMAR OCAMPO republished from Common Dreams under a Creative Commons Attribution-Share Alike 3.0 License.

Continue ReadingWealth of US Billionaires Hits $5.5 Trillion—Up 88% Since Pandemic Hit

Gore Calls Out Fossil Fuel Industry ‘Shamelessness’ in Lying to Public

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Original article by OLIVIA ROSANE republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Al Gore, former vice president of the United States, speaks onstage at The New York Times Climate Forward Summit 2023 at The Times Center on September 21, 2023, in New York City. (Photo: Bennett Raglin/Getty Images for The New York Times)

“They are continuing to do similar things today to try to fool people and pull the wool over people’s eyes just in the name of greed,” the former vice president said.

In reflecting on nearly 50 years of climate advocacy, former Vice President Al Gore said that he had “underestimated” the greed of the fossil fuel industry.

The remarks came in an interview published in USA Today on Sunday. When asked if he had any regrets, Gore responded that he had “put every ounce of energy” he had into climate advocacy, but added:

“I was pretty slow to recognize how important the massive funding of anti-climate messaging was going on. I underestimated the power of greed in the fossil fuel industry, the shamelessness in putting out the lies.”

“They are continuing to do similar things today to try to fool people and pull the wool over people’s eyes just in the name of greed,” Gore continued.

“What’s at stake is so incredible.”

Gore, who tried to raise awareness about the climate crisis in the U.S. House of Representatives as early as 1981 and brought the issue to national attention in 2006’s documentary An Inconvenient Truth, has taken a harsher tone against oil, gas, and coal companies in recent months. In August 2023, he said that the “climate crisis is a fossil fuel crisis,” and in September, he implored the industry to “get out of the way.” In December, he lamented that the industry had “captured the COP process,” referring to the appointment of the United Arab Emirates national oil company CEO Sultan Ahmed Al Jaber to preside over the United Nations’ COP28 climate conference in that country.

In the USA Today interview, Gore also named the fossil fuel industry when asked about his greatest frustration.

“Well, that we haven’t made more progress,” Gore answered, “and that some of the fossil fuel companies have been shameless in providing, continuing to provide lavish funding for disinformation and misinformation.”

“What’s at stake is so incredible,” he added.

However, Gore told USA Today that he tried not to focus on his anger, but instead on continuing to raise awareness about the crisis and what can be done about it. And he remained hopeful that his grandchildren would live in a world in which people had come together and acted in time.

“We’ve got all the solutions we need right now to cut emissions in half before the end of this decade,” he said. “We’ve got a clear line of sight to how we can cut the other 50% of emissions by mid century.”

He also encouraged more people to get involved with the climate movement.

“I would say the greatest need is for more grassroots advocates because the most persuasive advocates are those in your own community,” he said.

Original article by OLIVIA ROSANE republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingGore Calls Out Fossil Fuel Industry ‘Shamelessness’ in Lying to Public

Government accused of ‘conjuring up culture war with energy policy,’ as Rees-Mogg calls for ‘indefinite’ postponement of Net Zero targets

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https://leftfootforward.org/2024/03/government-accused-of-conjuring-up-culture-war-with-energy-policy-as-rees-mogg-calls-for-indefinite-postponement-of-net-zero-targets/

‘Another step backwards on the critical road to Net Zero.’

Conservative MP Jacob Rees-Mogg has called for Net Zero targets to be postponed ‘indefinitely.’

The comments were made after Rishi Sunak announced that Britain needs to build new, gas-fired power stations to ensure the country’s energy security. The stations would replace many aging existing plants. However, the plans do not include climate-change measures, which critics say could threaten a legally binding commitment to cut carbon emissions to Net Zero by 2050.

Shadow energy secretary Ed Miliband accused the Tories of “persisting with the ludicrous ban on onshore wind, bungling the offshore wind auctions, and failing on energy efficiency.”

Liberal Democrat energy and climate change spokesperson Wera Hobhouse said that announcement was “another step backwards on the critical road to Net Zero.”

But for Jacob Rees-Mogg, who has a long record of climate denialism, the government’s announcement to build new gas-fired power stations is a good first step against what he referred to as the Net Zero ‘obsession.’

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https://leftfootforward.org/2024/03/government-accused-of-conjuring-up-culture-war-with-energy-policy-as-rees-mogg-calls-for-indefinite-postponement-of-net-zero-targets/

Continue ReadingGovernment accused of ‘conjuring up culture war with energy policy,’ as Rees-Mogg calls for ‘indefinite’ postponement of Net Zero targets

How bad are private jets for the environment?

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https://www.energymonitor.ai/sectors/transport/how-bad-are-private-jets-for-the-environment/

Private jet use is increasingly under scrutiny as the effects of climate change become apparent. Credit: zorazhuang via Getty Images.

As public pressure grows, some governments are attempting to reduce the number of private and commercial short-haul flights.

Recent coverage of celebrities like Taylor Swift and politicians using private jets for short journeys has reignited a debate about the justifiability of their use. As public pressure to curb carbon emissions grows, some governments are attempting to reduce the number of short-haul flights undertaken by commercial and private jet aircraft.

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The crux of the issue with private jets, is they have a dramatically higher carbon footprint per passenger than commercial alternatives.

A 2021 report from Brussels-based campaign group Transport and Environment found that private jets are five to 14 times more polluting per passenger than commercial flights and 50 times more polluting than trains.

The report also stated that some private jets emit two tonnes of CO2 per hour, which is staggering when compared to the average annual output per person of 8.2 tonnes in advanced economies.

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“Aeroplanes are one of the most polluting methods of transport due to the variety of released gases,” explains GlobalData analyst Will Tyson. “It is not just CO2 emissions, but also nitrogen oxides and the effects of vapour trails.

“The altitude from which the gases are emitted also has an impact due to the greenhouse effect being stronger the higher in the air you are.”

As a whole, air travel accounts for 2% of CO2 emissions. In contrast, militaries around the world contribute 5.5% of CO2 emissions.

Global NGO Greenpeace is part of a growing number of organisations lobbying to ban private jet use once and for all, arguing that, despite 80% of the world’s population having never taken a flight, the super-rich 1% are responsible for half of the world’s aviation emissions.

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https://www.energymonitor.ai/sectors/transport/how-bad-are-private-jets-for-the-environment/

One of the many occasions climate destroyer and UK Prime Minister Rishi Sunak uses a private jet.
Climate destroyer and UK Prime Minister Rishi Sunak often uses private jets.
Continue ReadingHow bad are private jets for the environment?