this post was submitted on 05 Nov 2024
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“The super-rich are treating our planet like their personal playground, setting it ablaze for pleasure and profit. Their dirty investments and luxury toys —private jets and yachts— aren’t just symbols of excess; they’re a direct threat to people and the planet,” said Oxfam International Executive Director Amitabh Behar.

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[–] kambusha@sh.itjust.works 10 points 1 week ago (8 children)

Including investments seems a bit disingenuous. I'm sure their personal carbon footprint is already huge without having to include that.

[–] FireRetardant@lemmy.world 18 points 1 week ago (4 children)

The power their money has when invested is far different than yours or mine. They could single handedly ensure certain companies do not fail, get specific contracts, bypass regulations and many other shady things.

[–] kambusha@sh.itjust.works 2 points 1 week ago* (last edited 1 week ago) (2 children)

Perhaps, but think of it this way: you likely have money invested or money that is invested on your behalf, whether that's personal, 401k, IRA, or government pension. Those are likely investments spread across many companies - so should your carbon footprint take into account what those companies are doing?

I'd suggest that companies should be responsible for their carbon footprint, and legislated accordingly. Pushing it to investors, or on their customers, just seems like passing the buck.

[–] Disaster@sh.itjust.works 3 points 1 week ago

Not really, unless you directly purchase the shares, you get no proxy voting rights on corporate governance.

When you have an investment account, do you know who does take your money and hold the corporate governance rights? The fund managers.

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