Superyachts, often exceeding 100 feet in length and customized to opulent standards, serve as a prominent status symbol for the super rich.
These luxurious vessels, sought after by royalty, oligarchs, and billionaires alike, offer unparalleled extravagance and indulgence on the open seas.
Environmental Impact Overlooked by the Wealthy
Despite their immense wealth, superyacht owners often disregard the greenhouse gas (GHG) emissions associated with these floating palaces.
Ironically, many of these individuals amassed their fortunes through industries with substantial carbon footprints.
The question arises: shouldn’t the wealthiest 1% bear a greater responsibility in reducing emissions, both in their businesses and personal lives?
Research from the World Inequality Lab, led by the Paris School of Economics and the University of California, Berkeley, suggests that personal wealth, rather than gross domestic product (GDP), is a more accurate predictor of carbon emissions. This implies that curbing the emissions of the wealthy is crucial for climate progress.
Disproportionate Emissions of the Super Rich
Oxfam reports that the richest 1% of the global population produced as much carbon pollution in 2019 as the poorest two-thirds of humanity. The wealthiest 10% are responsible for half of the world’s carbon dioxide emissions.
To achieve equitable carbon footprints in the US, for instance, top emitters would need to drastically reduce their pollution while the bottom half could actually increase theirs.
Superyachts, the single most polluting asset of the super rich, experienced a 77% surge in sales in 2021. The Superyacht Directory lists over 12,000 of these megayachts, a number that has tripled in recent decades.
These vessels primarily operate as floating hotels, relying on generators that emit substantial amounts of CO2.
Ecocide on the High Seas
Lifestyle social scientist Gregory Salle categorizes superyachts as a form of ecocide due to the deep and lasting harm they inflict on the environment.
This harm extends beyond individual yachts to a global scale. Superyachts are exempt from International Marine Organization emission rules, making it difficult to accurately assess their environmental impact.
The industry projects yachting emissions to reach 10 million tons by 2030 if it continues with “business as usual.” Some prominent figures, including David Beckham, Conor McGregor, Rafael Nadal, Giorgio Armani, and Diane von Furstenberg, own superyachts that contribute to these emissions.
Efforts Towards Sustainability
Shipyards and engineers are beginning to integrate sustainable features into new superyacht builds, utilizing recycled materials and exploring alternative fuels. Some owners, like Jeff Bezos, are making efforts to mitigate their yacht’s environmental impact. Bezos’ $500 million superyacht, Koru, incorporates sails for wind power, but it still relies on diesel engines when not sailing.
Hydrotreated Vegetable Oil (HVO), derived from recycled sunflower oil, is considered a potential diesel alternative as it requires no engine modifications. While HVO claims a 90% reduction in CO2 emissions, its availability, production capacity, and higher cost compared to diesel present challenges.
The Yacht Club de Monaco has upgraded its dockside charging facilities to cater to the growing electric boat market, promoting sustainable mobility. Research by McKinsey reveals that millennials, in particular, are increasingly concerned about the environmental footprint of their boats, with a growing interest in alternatively fueled options.