The richest 1% of the planet has already exceeded its carbon emissions 'budget' for 2026

Oxfam has declared January 9, 2026 as 'Pollutocrat Day'. Indeed, in just ten days, the richest 1% of the world's population had already emitted all the CO2 they would be allowed to emit all year round if they wanted to limit global warming to 1.5°C.

The richest 0.1% had already exceeded the limit on January 3. The impact of these emissions goes far beyond statistics: tens of millions of people in poor and vulnerable countries will suffer the worst effects, including heat waves, droughts, floods and significant economic damage. Estimates by the International Confederation of NGOs indicate that emissions from the richest one percent of the population could cause 1.3 million heat-related deaths by the end of this century, while accumulated economic damage in the poorest countries could reach $44 trillion by 2050.

How the carbon budget works

To understand the gravity of the situation, it's useful to know what is meant by a carbon budget: it is the maximum amount of CO2 that can be emitted without exceeding a certain global temperature rise. According to the United Nations Environment Programme's Emissions Gap Report 2024, the compatible emission level in 2030 is about 17.8 gigatons of CO2. Dividing this figure by the projected world population of 8.5 billion people, each would emit 2.1 tons of CO2 per year. By contrast, the richest 1% emit an average of 75.1 tons per person, or about 0.206 tons per day. So it takes just over 10 days to exhaust the annual budget of an average person.

Not just luxury: the role of investment

The emissions of the super-rich come not only from private jets, super yachts and villas, but also from investments in carbon-intensive businesses. On average, each billionaire owns stakes in companies that produce 1.9 million tons of CO2 per year. Someone in the richest 0.1% produces more CO2 in one day than the poorest 50% of the world emits in a year. If everyone followed this model, the global carbon budget would be exhausted in less than three weeks.

Political influence and lobbying

Economic power allows the super-rich to disproportionately influence climate policy. At the recent COP in Brazil, fossil fuel company lobbyists outnumbered almost all national delegations except the host country. Nafkote Dabi, head of climate policy at Oxfam, pointed out that wealth creates "unfair influence on decision-making and weakens climate negotiations".

Oxfam's proposed measures

Oxfam is calling for targeted measures against the super-rich and the most polluting companies to reduce emissions and rebalance responsibilities. Proposals include increasing taxes on the income and wealth of the super-rich, taxing the excessive profits of fossil fuel companies and taking action against carbon-intensive luxury goods such as private jets and super yachts. The organization also highlights the need to rethink the global economic system toward more sustainable and equitable models that protect people and the planet.

The ICJ recalls that countries are obliged to reduce their emissions to ensure the right to life, health and a clean environment. According to Oxfam, limiting emissions from the super-rich is not only a matter of justice, but also a necessary step to avoid catastrophic climate impacts.

(MP©Oxfam via GreenMe.It/translation and adptation: The Global Money/Illustration: Unsplash)