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Richest 1% Has Already Used Up Carbon Budget for 2026

Published January 12, 2026, 20:09
Richest 1% Has Already Used Up Carbon Budget for 2026

According to an analysis by Oxfam, the richest 1% of the planet has already used up its share of the global carbon budget for 2026, just 10 days into the year. Even more alarming is that the richest 0.1% needed only 3 days to consume their portion. Oxfam emphasizes that those who contribute the least to the climate crisis will bear the brunt of the emissions. Low-income countries, indigenous communities, women, and girls are particularly vulnerable to the effects of climate change. Global economic damage is estimated to reach £44 trillion by 2050. Oxfam is calling on the British government to increase taxes on extreme wealth that pollutes the climate. The richest 1% in the United Kingdom produced more carbon emissions in 8 days than the poorest 50% did in an entire year. Billionaires invest in polluting industries, with an average of investments producing 1.9 million tons of carbon dioxide annually. To meet the Paris Agreement goal of limiting global warming to 1.5°C, the richest 1% of the global population must reduce their emissions by 97% by 2030. Oxfam stresses the need for governments to focus on the biggest polluters and tax polluting activities, such as private jets and fossil fuel companies.