cross-posted from : https://news.abolish.capital/post/20413
The global richest 1% have already emitted their share of carbon for the entire 2026 year and it’s only the beginning of January, according to a report from Oxfam. Meanwhile, the richest 0.1% used all their yearly carbon budget on the 3rd of January.
‘Pollutocrat day’
The consumption and investment of the super rich has devastating consequences. While the 1% disproportionately cause the crisis, it’s the global south that will face the most climate repercussions. The climate emissions of the richest 1% in a single year will cause 1.3m heat related deaths by the end of the century. And when it comes to economic damage, the impact by 2050 could be £32.7bn for lower and middle income countries.
Huge change is necessary from the capitalist class, who are embedded with politicians through donations and lobbying. To stay within the critical 1.5 degrees of warming limit, the 1% would have to reduce their emissions by 97% by 2030.
“Simple route”
Oxfam’s Climate Policy Lead Nafkote Dabi said:
Time and time again, the research shows that governments have a very clear and simple route to drastically slash carbon emissions and tackle inequality: by targeting the richest polluters. By cracking down on the gross carbon recklessness of the super-rich, global leaders have an opportunity to put the world back on track for climate targets and unlock net benefits for people and the planet
The immense power and wealth of super-rich individuals and corporations have also allowed them to wield unjust influence over policymaking and water down climate negotiations.
It’s not just the super rich’s consumption through yachts and private jets, but their investments in fossil fuels. Oxfam’s research found that each billionaire, on average, has investments that will produce 1.9 million tonnes of carbon every year.
The influence of fossil fuel giants also goes beyond politicians. The sheer volume of lobbyists from fossil fuel companies at the leading climate summit in Brazil in November 2025 was 1,600 attendees.
Solutions
Oxfam presented ways to solve the super rich-caused climate crisis. These include increased taxes on wealth to rebalance societies away from excessive carbon use and a profit tax on fossil fuel companies.
But a publicly owned Green New Deal would bring the essential of energy into public ownership while also addressing the climate crisis in one fell swoop. Politicians need to think boldly if we are to stop global catastrophe.
Featured image via the Canary
By James Wright
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