Today, Oxfam publishes a first-of-its-kind study, “Carbon Inequality Kills,” tracking the emissions from private jets, yachts and polluting investments and details how the super-rich are fueling inequality, hunger and death across the world. The report comes ahead of COP29 in Baku, Azerbaijan, amidst growing fears that climate breakdown is accelerating, driven largely by the emissions of the richest few.
This report provides evidence that through their polluting investments and influence over the world’s biggest corporations, billionaires are driving us over the edge of climate disaster.
If the world continues its current emissions, the carbon budget (the amount of CO2 that can still be added to the atmosphere without causing global temperatures to rise above 1.5°C) will be depleted in about four years.
However, if everyone’s emissions matched those of the richest 1 percent, the carbon budget would be used up in under five months. If everyone started emitting as much carbon as the average billionaire in Oxfam’s study, it would be gone in two days.
“Oxfam’s research makes it painfully clear: the extreme emissions and polluting investments of the richest are fueling inequality and hunger. The actions of these super-rich are undoubtedly threatening lives. The report finds that just a few billionaires can emit more carbon in a few hours than most people in Ireland will in their lifetime.
“We must face the fact that the overarching problem remains the entire system that allows this disparity to flourish. As we head into COP29, Ireland has a responsibility to demand more from the global elite and our own billionaires. We need to push for wealth taxes on polluting investments and luxury emissions. Climate breakdown is a ticking clock, and without decisive action from the wealthiest, we’ll all pay the price —but some more than others.
“Ireland cannot turn a blind eye to the role our wealthiest citizens are playing in the climate crisis. This report highlights a stark inequality: the most vulnerable across the globe are bearing the brunt of a catastrophe caused in large part by the excesses of a tiny, privileged few and a failing system. For the sake of people here in Ireland and those in the Global South, we must push for systemic change.”
— Jim Clarken, Oxfam Ireland CEO
Ahead of COP29, Oxfam calls on the Irish Governments to:
Reduce the emissions of the richest.
The next Irish Government should introduce a wealth taxes on the top those with net wealth over €4.6 million, ban or punitively tax carbon-intensive luxury consumptions —starting with private jets and superyachts— and regulate corporations and investors to drastically and fairly reduce their emissions. Our wealth tax proposal is in line with the proposal by economist Gabriel Zucman
Make rich polluters pay.
Climate finance needs are enormous and escalating, especially in Global South countries that are withstanding the worst climate impacts. A wealth tax on the world’s millionaires and billionaires could raise at least €1.5 trillion annually. A wealth tax on investments in polluting activities could bring in another €92 billion.
Reimagine our economies.
The current economic system, designed to accumulate wealth for the already rich through relentless extraction and consumption, has long undermined a truly sustainable and equitable future for all. We believe the Government should commit to a pathway ensuring that, both globally and at a national level, the incomes of the top 10 percent are no higher than the bottom 40 percent or the Palma ratio.
Oxfam’s analysis estimates the changes in economic output (GDP), changes in yields of major crops (it considers maize, wheat, and soy, which are among the most common crops globally) and excess deaths due to changes in temperatures that can be attributed to the emissions of the richest people. Economic damages are expressed in International Dollars ($), which adjusts for Purchasing Power Parity (PPP).
According to the International Renewable Energy Agency, if invested in renewable energy and energy efficiency measures by 2030, billionaires’ wealth could cover the entire funding gap between what governments have pledged and what is needed to keep global warming below 1.5⁰C.
Oxfam’s report details three critical areas where the emissions of the world’s richest 1 percent since 1990 are already having —and are projected to have— devastating consequences:
Global inequality. The emissions of the richest 1 percent have caused global economic output to drop by $2.9 trillion since 1990. The biggest impact will be in countries least responsible for climate breakdown. Low- and lower-middle-income countries will lose about 2.5 percent of their cumulative GDP between 1990 and 2050. Southern Asia, South-East Asia and Sub-Saharan Africa will lose 3 percent, 2.4 percent and 2.4 percent, respectively. High-income countries, on the other hand, will accrue economic gains.
Hunger. The emissions of the richest 1 percent have caused crop losses that could have provided enough calories to feed 14.5 million people a year between 1990 and 2023. This will rise to 46 million people annually between 2023 and 2050, with Latin America and the Caribbean especially affected (9 million a year by 2050).
Death. 78 percent of excess deaths due to heat through 2120 will occur in low- and lower-middle-income countries.
“Oxfam’s research makes it painfully clear: the extreme emissions and polluting investments of the richest are fueling inequality and hunger. The actions of these super-rich are undoubtedly threatening lives. The report finds that just a few billionaires can emit more carbon in a few hours than most people in Ireland will in their lifetime.
