The wealthiest 1% of the global population generated carbon emissions equivalent to the combined output of the poorest 66% of humanity in 2019, a recent Oxfam report found.
The report, published on November 20, came ahead of the UN climate summit COP28 in Dubai, amid rising concerns that limiting long-term warming to 1.5 degrees Celsius could soon be impossible to achieve.
The emissions from this affluent minority, comprising 77 million individuals, are projected to lead to 1.3 million heat-related excess deaths, a figure comparable to the population of Dublin, Ireland. The majority of these climate-related deaths are expected to occur between 2020 and 2030.
“The super-rich are plundering and polluting the planet to the point of destruction, leaving humanity choking on extreme heat, floods, and drought,” said Oxfam International interim Executive Director Amitabh Behar.
Oxfam’s report, titled “Climate Equality: A Planet for the 99%,” draws on research by the Stockholm Environment Institute (SEI), revealing a stark contrast in carbon footprints between the super-rich and the majority.
In 2019, the top 1% were responsible for 16% of global consumption emissions, surpassing emissions from all car and road transport combined. The richest 10% accounted for half of the emissions.
Concerning statistics
According to the report, it would take an individual in the bottom 99% approximately 1,500 years to produce the same carbon emissions as the wealthiest billionaires do in a single year. Additionally, the emissions of the world’s richest 1% annually nullify the carbon savings equivalent to nearly one million wind turbines.
Since the 1990s, this elite group has depleted twice as much of the remaining carbon budget to stay within the 1.5°C limit compared to the poorest half of humanity.
Projections indicate that their carbon emissions are set to be 22 times higher than the level compatible with the 1.5°C goal of the Paris Agreement by 2030.
Oxfam argued that climate breakdown and inequality are interconnected, with the marginalized bearing the disproportionate burden of climate impacts. Notably, the report identified that seven times more people die from floods in more unequal countries, exacerbating existing disparities.
To address this dual crisis, Oxfam advocated for a 60% tax on the incomes of the world’s richest 1%, estimating it would cut emissions more than the total output of the UK and generate $6.4 trillion annually for a transition to renewable energy.
“We must make the connection explicitly. Not taxing wealth allows the richest to rob us, ruin our planet, and renege on democracy. Taxing extreme wealth transforms our chances to tackle both inequality and the climate crisis. These are trillions of dollars at stake to invest in dynamic 21st-century green governments, but also to re-inject into our democracies,” Behar stated.
Quick facts
Oxfam report shows a huge carbon footprint gap between the affluent minority and the rest.
- Super-rich 77 million may cause 1.3 million heat-related excess deaths.
- Top 1% contributed 16% of global consumption emissions in 2019, exceeding car emissions.
- The richest 1% emit what others take 1,500 years to produce, nullifying carbon savings.
- Their emissions are projected to exceed the 1.5°C Paris Agreement goal by 2030, 22 times over.
- Oxfam suggests a 60% tax on the top 1% to cut emissions and fund renewable energy.
Call to action
In a call to action, Oxfam urged governments to:
Reduce inequality: Global income redistribution could provide everyone living in poverty with a minimum daily income of $25 while simultaneously reducing global emissions by 10%.
Transition off fossil fuels: Rich countries, responsible for a disproportionate share of global warming, are urged to expedite the phase-out of oil and gas production. New taxes on corporations and billionaires could fund the transition to renewable energy.
Prioritize well-being over profit: Oxfam implored governments to shift focus from GDP growth as a measure of progress and prioritize human and planetary well-being, aiming for sustainable and equitable development.