/Rich Climate Activists Demanding Greener Luxury Goods

Rich Climate Activists Demanding Greener Luxury Goods

Guest essay by Eric Worrall

Private jet sales are up, but the ongoing Cashmere Goat shortage might cut into some of their other purchases.

Global Warming Threatens Luxury Lifestyles Of The Rich 

Ollie Williams
Senior Contributor Wealth Management
How European billionaires spend their time and money.

As London Fashion Week approaches this weekend, luxury brands talk about sustainability as if it were going out of fashion. But do their buyers really care?

Consumers of some of the most expensive luxury brands are also connoisseurs of the most polluting types of consumption available. And they’re now buying more than ever. 

Take private jets, on which any multimillionaire worth their wealth hops from Davos to Dubai. Despite “flygskam,” the new Swedish word coined for flight shaming frequent flyers, deliveries of new private jets are expected to rise 9% this year according to a report from Honeywell International. 

Deliveries are also expected of a further 800 superyachts this year, as the 5,000 strong fleet of these 24+ meter ships grows around the world. Each of these burns an average of 500 litres (110 gallons) of fuel an hour, according to Towergate Insurance.

Luxury consumers are being influenced by the young, who, says Sunshine, are more aware of their purchases, as well as celebrity culture. “With fashion you could maybe think a little bit before buying something brand new,” said Kaitlyn Dever whilst walking the red carpet towards the 92nd Academy Awards in a Louis Vuitton dress made from responsible silk satin.

“Global warming is effecting the supply of material everywhere,” says Cotton. Take the cashmere used in Johnstons of Elgin products, for example. It comes from Mongolia where a near 2% increase in the country’s climate since 1940 is spoiling grassland. Less grass means less grazing for cashmere producing goats.

Read more: https://www.forbes.com/sites/oliverwilliams1/2020/02/11/global-warming-threatens-luxury-lifestyles-of-the-rich/#6693a2da6db7

China’s habit of using Mongolia as a toxic industrial waste site might also have impacted the health of the goats.

Lets hope the rich sort out their eco-friendly cashmere shortage before they take delivery of their new private jets, it just wouldn’t do to have to turn up to an exclusive private soiree in Switzerland or Canada wearing last year’s goat fluff.