Oxfam Calls for Action as the Richest 1% Exhaust Annual Carbon Budget in Just 10 Days

A recent analysis by Oxfam has revealed that the wealthiest 1% of the global population used up their fair share of the annual carbon budget just 10 days into January. The organization attributes this overconsumption to the extravagant lifestyles of the super-rich, which it says are exacerbating the climate crisis.

Dubbed “Pollutocrat Day” by Oxfam, the milestone coincided with devastating climate-driven events, including wildfires in Los Angeles. The report highlights the disparity in carbon emissions between the richest and poorest segments of society, emphasizing the urgent need for policy interventions to curb the environmental impact of the ultra-wealthy.

Oxfam’s research examined the amount of carbon dioxide (CO2) that can be emitted globally without surpassing the critical 1.5°C threshold for global warming. Based on an estimated global population of 8.5 billion by 2030, the report determined that a fair share of CO2 emissions per person would be approximately 2.1 tonnes annually. However, the richest 1% emit an average of 76 tonnes of CO2 per year.

This wealthy minority, consisting of 77 million individuals, includes billionaires, millionaires, and those earning more than $140,000 annually in purchasing power parity terms. In contrast, the bottom 50% of the global population accounted for just 7.7% of global CO2 emissions in 2019, while the richest 1% contributed 15.9%.

Oxfam estimates that the poorest half of the global population would take nearly three years to exhaust their share of the annual carbon budget, whereas the richest 1% exceeded their allocation within days. To stay within the 1.5°C target, the emissions of the wealthiest must be reduced by 97% by 2030—a target Oxfam considers unlikely to be achieved without external pressure.

The organization has called on governments to take decisive action, urging them to tax the ultra-wealthy, regulate their emissions, and prohibit carbon-intensive luxury activities such as private jet travel and superyacht ownership. Oxfam argues that inaction by leaders amounts to complicity in a climate crisis that endangers billions of lives.

Oxfam’s Climate Change Policy Lead, Nafkote Dabi, stressed the urgency of addressing this disparity, calling for governments to stop catering to the richest and instead hold them accountable for their disproportionate environmental impact. Dabi highlighted measures such as taxing the wealthy and implementing bans on excessive indulgences to curb emissions and fund climate solutions.

The call for taxing the rich has gained traction in international forums, including the G20, where discussions about a 2% minimum global tax on billionaires have taken place. While some nations, including France and Spain, backed Brazil’s proposal for a “billionaire tax,” it faced resistance at the last meeting in Rio. Similar demands were voiced at the COP29 climate conference, where proposals included taxing frequent fliers and the ultra-wealthy to finance climate initiatives.

Oxfam’s report underscores the urgency of these measures with striking statistics. It calculates that by 2050, emissions from the wealthiest 1% could result in crop losses sufficient to feed 10 million people annually in Eastern and Southern Asia. The report advocates for permanent wealth and income taxes on the top 1%, alongside punitive taxes or bans on carbon-intensive luxury consumption, starting with private jets and yachts.

The organization also calls for stricter regulations on corporations and investors to ensure emissions reductions are achieved equitably and effectively.

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