Richest 0.1% emit more carbon in a day than poorest 50% do in a year

Ahead of the COP30 climate summit in Brazil, Oxfam has warned that the world’s richest 0.1% are driving the planet toward disaster through their extreme carbon emissions and political influence.

According to Oxfam’s new report “Climate Plunder: How a Powerful Few Are Locking the World into Disaster,” an individual from the richest 0.1% emits more carbon in a single day than someone in the poorest 50% does in an entire year. Since 1990, this elite group has increased their share of total emissions by 32%, while the poorest half of humanity has seen its share fall by 3%.

If everyone emitted like the richest 0.1%, the world’s remaining carbon budget — the amount of CO₂ that can be released without triggering climate catastrophe — would be exhausted in less than three weeks, the report warns.

Oxfam estimates that a member of the global super-rich emits about 800kg of CO₂ daily, compared to just 2kg from someone in the bottom half of the income scale. To stay within the 1.5°C warming limit, the richest 0.1% would need to cut their emissions by 99% by 2030.

“The climate crisis is an inequality crisis. The very richest individuals are funding and profiting from climate destruction, leaving the global majority to bear the fatal consequences,” said Amitabh Behar, Executive Director of Oxfam International.

The report also finds that billionaires are heavily invested in high-emission industries such as oil and mining, with their investment portfolios generating around 1.9 million tonnes of CO₂ annually — more than the combined emissions of 118 countries.

Ashish Damle, Country Director of 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.”

Oxfam has called on governments to impose taxes on extreme wealth and excess fossil fuel profits, curb lobbying by polluting corporations, and give climate-vulnerable communities a stronger voice in global negotiations.