World's richest profit from climate disasters they help fue

The world's wealthiest investors are making money twice from the climate crisis, first by backing polluting industries and then by investing in businesses that profit from the damage, according to a new Oxfam report.

The NGO identified 217 corporations involved in pollution-intensive industries or disaster preparedness and recovery. Investment giants BlackRock and Vanguard hold stakes in 92% of these companies, with combined investments exceeding $1 trillion.

The business is only getting bigger, with the global disaster recovery market projected to grow from $70 billion to $92 billion annually by 2029.

Meanwhile, the richest 0.1% of humanity produce more carbon emissions than the poorest 3.5 billion people combined, Oxfam estimates, while poorer populations bear much of the cost of floods, droughts, and soaring food prices.

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Source of information: Global News Agencies including REUTERS / TASS / AFP / ANADOLU / INT.RU / Al Jazeera / CNN