More and more, higher and higher, faster and further?

by Uwe Heitkamp

I can’t help it, but the current economic policy of perpetual growth reminds me of the sinking of the Titanic in the North Atlantic Ocean. Anyone who proclaims growth as the sole objective of their economic policy completely disregards the most important criterion for economic planning and action: economic policy is never linear, never a one-way street, but must always be planned cyclically, and the goal should be to harmonise all factors, in particular by avoiding climate-damaging environmental factors. Anyone who continues to work with crude oil derivatives as a base material — in other words, with gasoline, diesel or kerosene — and who manufactures products or offers services that involve the use of gas or coal, is damaging the climate and contributing to the destruction of the environment and thus the foundations of life on this planet Earth. This path leads to a dead end. And the destruction of the planet should no longer be subsidised with taxpayers’ money.

Need some examples? Milk and milk substitutes, as well as fruit juices, are increasingly sold in single-use packages that we throw away immediately after we have finished with them. Although industry and politicians encourage us to sort and recycle the packaging that we use, a Tetra Pak carton cannot be broken down into its individual components. Taxi drivers in their diesel vehicles, as well as airline pilots, are among the world’s dirtiest professions, as is the pharmaceutical industry, whose raw materials are based on fossil fuels. So, where does this all lead?

To put it even more clearly, a billionaire like Elon Musk, the owner of Tesla and X, plans to send his space company SpaceX on a mission to Mars to search for life. He wants to do something that many have already imagined in their wildest fantasies, but he wants to make the seemingly impossible a reality in the near future, thereby triggering unparalleled new economic growth. Shouldn’t we just stay on Earth and focus on ourselves?

We are familiar with the dynamic of “ever-faster, higher and further” not only in the business world, but also in sports and the Olympic Games, which are currently taking place once again. Everything else is subordinated to this drive for faster, higher and further, including health. Because sports, too, are part of the economy, and every spectacle has its supposed victors and victims. The damage caused by the current winter storms and torrential rains in Portugal and elsewhere is thus considered to be mere collateral damage of nature. The profits are privatised; the losses socialised.

With less CO₂ in the atmosphere (air) and in the oceans (water) as a medium for storing the residual heat from burning fossil fuels, the economy could be made emission-free and more environmentally friendly. By reducing the waste of the planet’s resources, with an economy that is geared towards the common good, destroying less and preserving something for future generations, we would demonstrate foresight and practical creative intelligence – rather than artificial intelligence. In this way, the principle of “less is more” could be better understood, and sufficiency would become a goal for many generations to come.

In this context, ECO123 has been assessing the latest Oxfam report on per capita climate CO₂ emissions. Oxfam claims that the wealthy are responsible for disproportionately more CO₂ emissions simply due to the unequal distribution of income and capital gains compared to the poor. And what follows from this? In its report, Oxfam attempts to define responsibility for the climate crisis, stating that the richest one percent of the world’s population — with the billionaires among the wealthiest — are responsible for more than 800 kg of CO₂ emissions per person per day, while, in contrast, someone from the poorest 50 percent of the world’s population is responsible for an average of only two kilograms of CO₂ emissions per day. We read, analysed and compared the Oxfam reports of Great Britain, Germany and Brazil. There is no Oxfam group in Portugal itself. This absence represents a significant gap. Perhaps Portugal is not considered important enough for Oxfam.

Oxfam writes: “The world’s richest people contribute to the escalating climate crisis not only through their consumption. As owners or shareholders of corporations, billionaires, in particular, are responsible for enormous amounts of CO₂ emissions. The investment emissions of 308 billionaires worldwide totalled 586 million tons of CO₂e (carbon dioxide equivalent) per year in 2024.” ECO123 wonders if this is a sufficiently broad perspective. Those who can only see as far as the end of their own noses may be suffering from shortsightedness…

Almost 60 percent of billionaires’ investments went into particularly climate-damaging sectors such as oil and gas. This is a fact and it has been clearly documented. A large portion of total CO₂ emissions can be traced back to just a few companies operating in particularly climate-damaging industries. Six companies alone are responsible for ten percent, and 100 companies for half of all corporate emissions worldwide… To live almost climate-neutrally, Oxfam suggests a figure of 2.1 tons of CO₂ equivalents per person per year, which is still relatively close to the 1.5-degree limit. However, this figure is only achievable for those who buy their electricity without any CO₂ emissions or generate it themselves sustainably, eliminate flying from their transport choices, travel by electric car or train, and also pay serious attention to their diet, consuming as little meat as possible. Unfortunately, Oxfam offers no concrete advice on how individuals can reduce their CO₂ emissions. Perhaps we would be better off consulting the guides issued by the Potsdam Institute for Climate Impact Research (PIK), run by truly practice-oriented scientists. Incidentally, it would be useful to publish a report on incentives for climate-neutral business practices, with solution-oriented information. Perhaps Oxfam will publish one next year? We should remain optimistic…