Richest 1% burn through their entire annual carbon limit in just 10 days

This alarming milestone, dubbed ‘Pollutocrat Day’ by Oxfam, underscores how climate breakdown is disproportionately driven by the super-rich, whose emissions far exceed those of ordinary people. In stark contrast, it would take someone from the poorest half of the global population nearly three years (1022 days) to use up their share of the annual global carbon budget.

While the richest 1 per cent are responsible for more than twice as much carbon pollution than the poorest half of humanity, it is people living in poverty who have done the least to cause the climate crisis that are experiencing its most dangerous impacts. To meet the vital goal of keeping global warming within 1.5°C, the richest 1 per cent need to cut their emissions by 97 per cent by 2030.

Chiara Liguori, Oxfam GB's Senior Climate Justice Policy Advisor said: “The future of our planet is hanging by a thread, yet the super-rich are being allowed to continue to squander humanity’s chances with their lavish lifestyles and polluting investments.

“Governments need to stop pandering to the richest polluters and instead make them pay their fair share for the havoc they’re wreaking on our planet. Leaders who fail to act are culpable in a crisis that threatens the lives of billions.”

Oxfam is calling on the Chancellor to increase taxes on climate-polluting extreme wealth – such as private jets and superyachts – to raise the much-needed funds to tackle the climate crisis in a way that targets those most responsible and those who can most afford to pay.

Liguori said: “As global temperatures continue to climb, the UK must show how it will generate its own share of new, fair funding to meet the escalating climate finance needs and fight inequality – significantly higher taxes on polluting luxuries like private jets and superyachts is an obvious place for the Government to start.”

Oxfam calculated that fair taxes on private jets and superyachts in the UK could have raised up to £2 billion in 2023 to help generate vital funds for climate action.

ENDS

For further information, please contact: Sophie Bowell, Senior Press Officer on +447810 814 980 / sbowell@oxfam.org.uk

Notes to editors

According to the United Nations Environment Program (UNEP) Emissions Gap Report 2024, the median estimate of emissions level in 2030 consistent with limiting global heating to around 1.5°C is 24 GtCO2e (range: 20–26), which is equivalent to approximately 17.8 GtCO2 based on the 2019 share of CO2 emissions in greenhouse gas emissions (74.1 per cent). According to the UN, the global population is projected to reach 8.5 billion in 2030. Dividing the 1.5°C compatible 2030 emissions level (17.8 GtCO2) equally by 8.5 billion gives an estimate of an annual carbon budget of 2.1t CO2 per person.

Oxfam’s research shows that the richest 1 percent —comprising 77 million individuals, including billionaires, millionaires, and those earning over $140,000 per year in PPP terms— were responsible for 15.9 percent of global CO2 emissions in 2019. The bottom 50 percent (3.9 billion people with an average annual income of $2,000 in PPP terms) accounted for 7.7 percent of all CO2 emissions during the same year. “Climate Equality: A Planet for the 99%” draws on research by the Stockholm Environment Institute (SEI) and assesses the consumption emissions of different income groups in 2019, the most recent year for which data are available.

Between 2015 and 2030, the richest 1 per cent are set to reduce their per capita consumption emissions by just 5 per cent, compared with the 97 per cent cuts needed to align with the global per capita level compatible with the 1.5°C goal of the Paris Agreement.

Oxfam’s recent report “Carbon Inequality Kills,” tracks the emissions from private jets, yachts and polluting investments and details how the super-rich are fuelling inequality, hunger and death across the world.

Fifty of the world’s richest billionaires produce on average more carbon through their investments, private jets and superyachts in under three hours than the average Brit does in their entire lifetime.

A recent Oxfam poll showed that the majority of the British public back higher taxes on private jets and superyachts to help tackle climate crisis. While the recent rise in private jet Air Passenger Duty is a welcome step forward by the government, much more could and should be done to ensure the richest are shouldering their fair share.