Governments are facing growing pressure to tackle the outsized impact of the world’s wealthiest on the climate. Campaigners are calling for bans on carbon-heavy luxury goods and higher taxes on fossil fuel profits, arguing that these steps are crucial to keeping global warming below 1.5°C.
Oxfam’s latest research reveals a stark reality: the richest one per cent of people have already used up their annual carbon budget just ten days into 2026, a milestone dubbed “Pollutocrat Day.” Even more extreme, the top 0.01 per cent exhausted their yearly carbon allowance in only the first three days. Without urgent cuts, these ultra-wealthy individuals would need to reduce emissions by 97 per cent by 2030 to meet Paris Agreement targets.
The Carbon Footprint of Extreme Wealth
The climate impact of the super-rich goes far beyond luxury lifestyles like private jets and super-yachts. Oxfam’s analysis shows that the richest people and corporations hold massive investments in fossil fuel industries, giving them both financial incentives to pollute and disproportionate influence over climate policy.
At the 2025 COP30 summit in Brazil, fossil fuel lobbyists represented one of the largest delegations, with more than 1,600 participants. Oxfam’s climate policy lead, Nafkote Dabi, notes that this concentration of wealth and power allows elites to weaken climate negotiations and delay meaningful action.
The research estimates that each billionaire’s investment portfolio is tied to companies producing an average of 1.9 million tonnes of CO₂ annually. In one year, emissions from the richest one per cent alone could contribute to 1.3 million heat-related deaths by the end of the century and economic losses of up to $44 trillion, mostly impacting low- and middle-income countries.
The Human Cost of Wealthy Emissions
Those who have contributed least to climate change are suffering its worst effects. Oxfam warns that poorer nations are disproportionately affected, facing rising temperatures, extreme weather events, and economic instability. The emissions of the ultra-rich exacerbate inequality, putting vulnerable populations at even greater risk.
Holding the Wealthy Accountable
Oxfam is calling on governments to take concrete action. Proposals include higher income and wealth taxes for the super-rich and a “Rich Polluter Profits Tax” on major oil, gas, and coal companies, which could raise up to $400 billion in its first year — enough to cover climate damage costs in the Global South.
The organisation also advocates for bans or heavy taxes on carbon-intensive luxury items, such as private jets and super-yachts. A single week of travel for a super-rich European can produce as much carbon as someone in the poorest one per cent emits in their entire lifetime.
By targeting extreme carbon consumption and holding wealthy polluters accountable, governments can cut emissions, reduce inequality, and protect the planet’s most vulnerable communities.
