Billionaires from Polluting Industries Dominate Cop28, Raising Green Concerns

A striking revelation has come to light at the Cop28 UN summit: at least one in four of the registered billionaire delegates have amassed their wealth from highly polluting industries such as petrochemicals, mining, and beef production. This finding, disclosed in an exclusive analysis by the Guardian, raises critical questions about the influence these ultra-rich individuals may have on global efforts to address the climate crisis. The combined net worth of these 34 billionaires is a staggering $495.5bn.

Source: Channel 4 News/YouTube

The presence of such a high number of billionaires, many of whom arrived in private jets, positions Cop28 as a major convergence point for the world’s wealthiest, rivaling even the Davos forum. This assembly provides a platform for these individuals to potentially sway government leaders and senior politicians, while also facilitating high-stakes business deals.

Highlighted in this controversy is Russian oligarch Andrey Melnichenko, whose foundation is listed as a “climate supporter” despite his companies’ $23bn investment in coal and fertilizer production over 15 years. Similarly, Vagit Alekperov, owning a significant stake in Russia’s second-largest oil and gas producer, and Kazakh billionaire Timur Turlov, accused of aiding Russian oligarchs in evading sanctions, are also registered delegates at Cop28.

Among the billionaires, four have party badges granting them access to the negotiations, while 11 others, including notable figures like Nigerian oil mogul Aliko Dangote, Indian oil and gas leader Mukesh Ambani, and American entrepreneur Bill Gates, are invited by the United Arab Emirates.

While business and finance are acknowledged as essential elements of climate solutions, concerns are mounting over the disproportionate influence of billionaires and corporations at Cop gatherings. The Guardian’s recent report, “The Great Carbon Divide,” highlights how climate inequality is exacerbating impacts and delaying action.

Oxfam’s Alex Maitland, who conducted the analysis, expresses alarm at the number of billionaires at Cop28 and their potential to overshadow the voices of communities most affected by Climate change. The conference is witnessing a diverse range of billionaire activities, from public networking by Emirati property magnate Hussain Sajwani to business partnerships like Egyptian investor Nassef Sawiris’s blue ammonia project with the UAE’s oil company.

As the world grapples with the urgent need for climate action, the presence and influence of these billionaires at Cop28 spark a crucial debate on the true intentions and impacts of their involvement in these pivotal global discussions.

Solution Not Pollution Sweatshirt by Tiny Rescue: Climate Collection

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