The richest 0.1% of the world’s population emit more carbon dioxide in just one day than the poorest 50% produce collectively in an entire year, according to Oxfam’s latest ‘Climate Plunder’ report released on Wednesday ahead of the COP30 summit in Brazil.
The report titled 'Climate Plunder: How a powerful few are locking the world into disaster' warns that humanity is dangerously close to exhausting the remaining carbon budget that allows the world to limit global warming to 1.5°C.
At current emission rates, this budget will be depleted in just two years.
Since 1990, the richest 0.1% have increased their share of total emissions by 32%, while emissions from the poorest half of the population have declined by 3%, the report shows.
On average, a person in the wealthiest 0.1% emits about 800 kilograms of CO₂ daily, compared to just 2 kilograms for someone in the poorest half of the global population.
If everyone adopted the lifestyle and emissions of the richest 0.1%, the carbon budget allowing for safe global warming limits would be gone in less than three weeks, the report warns.
To stay within the 1.5°C target, this elite group would need to cut its per capita emissions by 99% by 2030.
Oxfam’s analysis also highlights the outsized role of billionaire investments in the climate crisis.
The combined investment portfolios of just 308 billionaires produced 586 million tonnes of CO₂ in 2024, which is more than the emissions of 118 countries combined.
Nearly 60% of their holdings are in fossil fuel industries such as oil, gas, and mining, many of which have not aligned their operations with the targets of the Paris Agreement.
“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.
Behar called for urgent reforms, including taxing extreme wealth, banning fossil fuel lobbying, and ensuring that those most affected by climate change have a major role in climate decision-making.
The report also exposed the influence of fossil fuel lobbying in policymaking.
At the previous COP29 summit, 1,773 lobbyists from coal, oil, and gas companies were granted access, outnumbering delegates from the ten most vulnerable countries combined, the report mentions.
Oxfam warns that emissions from the richest 0.1% alone could cause 1.3 million heat-related deaths by 2100 and result in $44 trillion in economic losses for low- and middle-income countries by 2050.
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.”
Oxfam has called on governments worldwide to enact policies that tax extreme wealth, ban fossil fuel lobbying, and ensure vulnerable communities have a voice in global climate negotiations.
