Ahead of the major international climate conference COP30 in Belem, Brazil, new Oxfam research reveals that the high-carbon lifestyles of the super-rich are rapidly exhausting the world’s remaining carbon budget, the amount of CO2 that can be emitted to avoid climate catastrophe.

The research also details how billionaires are using their political and economic influence to keep humanity hooked on fossil fuels to maximize their private profit.

The report, Climate Plunder: How a powerful few are locking the world into disaster, presents extensive new updated data and analysis which finds that a person from the richest 0.1% produces more carbon pollution in a day than the poorest 50% emit all year. 

If everyone emitted like the richest 0.1%, the carbon budget would be used up in less than 3 weeks.

Global warming reshapes extreme rainfall, snowfall across Northern Hemisphere: Study

The super-rich are not just overconsuming carbon, but also actively investing in and profiting from the most polluting corporations. Oxfam’s research finds that the average billionaire produces 1.9 million tonnes of CO2e a year through their investments. 

These billionaires would have to circumnavigate the world almost 10,000 times in their private jets to emit this much. Almost 60% of billionaire investments are classified as being in high climate impact sectors such as oil or mining, meaning their investments emit two and a half times more than an average investment in the S&P Global 1,200.

The emissions of the investment portfolios of just 308 billionaires totals more than the combined emissions of 118 countries.

“The climate crisis is an inequality crisis. The very richest individuals in the world are funding and profiting from climate destruction, leaving the global majority to bear the fatal consequences of their unchecked power,” said Amitabh Behar, Executive Director of Oxfam International.

The power and wealth of super-rich individuals and corporations have also allowed them to wield unjust influence over policymaking and water down climate negotiations.

 At COP29, 1,773 coal, oil, and gas lobbyists were granted badges, more than the 10 most climate-vulnerable nations combined. Multiple rich and high-emitting countries including the US, UK, France and Germany have watered down climate laws after large donations from anti-climate lobbyists.  

“It is a travesty that power and wealth have been allowed to accumulate in the hands of a few, who are only using it to further entrench their influence and lock us all into a path to planetary destruction. The super-rich and the corporations they run have a deadly track record of bankrolling lobbyists, spreading climate disinformation, and suing NGOs and governments that try to stand in their way. We must break the chokehold of the super-rich over climate policy by taxing their extreme wealth, banning their lobbying and instead put those most affected by the climate crisis in the front seat of climate decision-making,” said Behar.

Bill Gates urges climate fight to prioritize human suffering over emissions

The emissions of the richest 1% are enough to cause an estimated 1.3 million heat-related deaths by the end of the century, as well as $44 trillion of economic damage to low- and lower-middle-income countries by 2050.

The impacts of these climate damages will disproportionately impact those who have done the least to cause the climate crisis, particularly people living in the Global South, women, girls and Indigenous groups.

Reflecting on the report, Ashish Damle, Country Director, Oxfam in Bangladesh, said, “The Climate Plunder report exposes a deep injustice — a few wealthy polluters are burning the planet for profit while millions in vulnerable countries like Bangladesh face floods, hunger, and loss. Climate justice demands that the richest pay their fair share through wealth taxation and accountability, so people and the planet can survive with dignity.”

COP 30 marks ten years since the Paris Agreement in 2015 during this period, the world’s richest 1% have burnt through more than twice as much of the carbon budget than the poorest half of humanity combined.

Residents use garden tools to protect millions of migrating red crabs on Christmas Island

Ahead of COP30, Oxfam calls on governments to cut the emissions and dismantle the political and economic power of the super-rich through:

• Slash the emissions of the super-rich and make the richest polluters pay, through taxation on extreme wealth, excess profits taxes on fossil fuel corporations, and supporting the UN Convention on International Tax Cooperation. A 60% tax on the total incomes of the richest 1% globally could cut carbon emissions equivalent to the total emissions of the UK and generate in the region of $6.4 trillion.

• Curb the economic and political influence of the richest by banning fossil fuel corporations from climate negotiations such as COP, implementing sustainability regulations for corporations and financial institutions, and reject trade and investment agreements like ISDS that put the interests of the super-wealthy above public good. 

• Strengthen the participation of civil society and Indigenous groups in climate negotiations and address the unequal impacts of climate change.

• Adopt a fair-share approach to the remaining climate budget by committing to NDC’s that reflect historical responsibility and capacity to act, and ensuring rich countries deliver ambitious climate finance.

• Build an equal economic system that puts people and planet first by rejecting dominant neoliberal economics and moving towards an economy based on sustainability and equality.