Wealthiest people exhaust carbon budget in just ten days

(MENAFN) The world’s wealthiest 1% have already used up their entire carbon budget for 2026 just ten days into the year, according to a recent analysis. The amount of carbon dioxide emitted by this group in that short span equals the total annual allowance needed to keep global warming within 1.5°C. The richest 0.1% reached their limit even earlier, by January 3.

Oxfam has dubbed this milestone “Pollutocrat Day,” highlighting the disproportionate contribution of the super-rich to the climate crisis. The charity estimates that emissions from the wealthiest 1% alone could result in around 1.3 million heat-related deaths by the end of the century.

Decades of excessive emissions by wealthy individuals have also inflicted significant economic damage on low- and lower-middle-income countries, potentially totaling $44 trillion by 2050.

To remain within the 1.5°C target, Oxfam says the richest 1% would need to cut their emissions by 97% by 2030. Meanwhile, the communities least responsible for climate change—poorer countries, Indigenous peoples, and women and girls—are expected to endure the worst consequences.

Oxfam’s climate policy lead stressed: “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.”

The charity also highlighted the environmental impact of investments, noting that each billionaire holds stakes in companies that produce, on average, 1.9 million tons of CO₂ annually.

It also criticized the influence of fossil fuel companies at climate negotiations, pointing out that 1,600 lobbyists attended the recent UN climate summit in Brazil.

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