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The world’s richest 1% have already used up their fair share of carbon emissions for 2026, only 10 days into the year, according to new research by Oxfam. The richest 0.1 percent exhausted their annual carbon budget by Jan. 3.
Oxfam named the milestone “Pollutocrat Day,” calling it a sign of deep climate inequality. The organization said those who contributed least to the climate crisis will face the worst impacts, including people in low-income and climate-vulnerable countries, Indigenous communities, and women and girls.
Oxfam’s analysis shows the richest 1% emit an average of 75.1 tonnes of CO2 per person per year. This rate means they consume a full annual per capita carbon budget aligned with the 1.5°C target in just over ten days. The richest 0.1% use their annual share in about three days.
What did research show?
United Kingdom’s richest 1% produce more carbon pollution in eight days than the poorest 50% of the population generate in an entire year.
Oxfam also warned that billionaire investment portfolios remain tied to polluting industries. Each billionaire holds investments that generate an average of 1.9 million tonnes of CO2 per year, equivalent to the annual emissions of about 400,000 petrol cars.
Oxfam estimates that emissions from the richest 1% in one year will contribute to 1.3 million heat-related deaths by the end of the century. It also projects that economic damage in low and lower-middle-income countries could reach $44 trillion by 2050.
To stay within the Paris Agreement target of limiting global warming to 1.5°C, Oxfam said the richest 1% must cut emissions by 97% by 2030. For the richest 0.1%, required reductions rise to 99%.
Beth John, climate justice adviser at Oxfam GB, said governments must focus on high-emitting wealth groups. “Repeated opportunities to make the richest pay their fair share for climate action have been missed in the UK, but there is still so much that can be done,” she said. “Fairly taxing the biggest polluters, such as private jets and oil and gas companies, is an obvious place to start.”
Oxfam said lifestyle emissions alone do not explain the scale of pollution from the super-rich. The organization pointed to investment portfolios and corporate ownership that lock in fossil fuel dependence while wealthy individuals and corporations hold strong influence over climate policy.
Oxfam Climate Policy Lead Nafkote Dabi said targeting high emitters offers a direct route to cut emissions and reduce inequality. “By cracking down on the gross carbon recklessness of the super rich, global leaders have an opportunity to put the world back on track for climate targets,” Dabi said.
Oxfam urged governments to adopt measures focused on high-wealth polluters ahead of upcoming climate negotiations. The organization outlined proposals to reduce emissions and raise climate finance.
Key proposals include:
Oxfam also highlighted fossil fuel lobbying at recent climate summits. The organization said industry lobbyists outnumbered most national delegations, raising concerns over corporate influence on climate negotiations.
Separate Oxfam research published in October 2025 found that a person in the richest 0.1% emits more carbon in one day than someone in the poorest 50% emits in an entire year. If everyone consumed at that level, the global carbon budget would run out in less than three weeks.
Oxfam said climate impacts fall unevenly across regions and social groups.
Low- and lower-middle-income countries face the highest exposure to climate damage despite contributing the least to global emissions. The organization also identified Indigenous communities, women, and girls as groups facing disproportionate risks from climate disruption.
The group said decades of overconsumption by high-wealth populations have already locked in severe climate consequences. It warned that failure to curb extreme emissions at the top of the wealth scale will undermine global efforts to meet climate targets.
Oxfam also pointed to international legal developments. The International Court of Justice has confirmed that states hold legal obligations to reduce emissions to protect rights to life, health, food, and a clean environment.
Oxfam said the early exhaustion of the global carbon budget in 2026 shows the scale of the challenge ahead and urged governments to place responsibility for climate action on those with the highest emissions and greatest financial capacity.
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