Richest 1% use their entire annual carbon limit in ten days

Private jet. Photo by Yoann Donzé on Unsplash

Source: Oxfam

The world's richest one per cent have burned through their share of the annual global carbon budget -the amount of CO2 that can be added to the atmosphere without pushing the world beyond 1.5°C of warming- within the first 10 days of 2025, new Oxfam analysis reveals.

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 to use up their share of the annual global carbon budget.

While the richest one 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.