Richest 1% burn through their annual carbon budget in just 10 days

Jan 11 2025 · 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:

🗞️ Driving the news: The wealthiest 1% of the global population has already consumed its annual fair share of the global carbon budget just 10 days into 2025, according to Oxfam
• Dubbed "Pollutocrat Day," this milestone highlights how the emissions of the super-rich are disproportionately fueling climate crises, like recent wildfires in Los Angeles
• Oxfam is calling for wealth taxes and regulations to curb their extravagant carbon footprints

🔭 The context: A "fair share" of CO₂ emissions compatible with the 1.5°C global warming target is 2.1 tonnes per person annually
• The richest 1%—those earning over $140,000 in PPP terms—emit an average of 76 tonnes each year
• By contrast, the poorest 50% of the global population would take nearly three years to use the same carbon budget

🌍 Why it matters for the planet: The emissions from the wealthiest 1% exacerbate climate disasters, such as wildfires and crop losses, disproportionately harming vulnerable populations
• Oxfam warns their unchecked emissions could derail the 1.5°C climate target, risking severe global consequences
• Taxing luxury pollution could fund crucial loss and damage climate initiatives

⏭️ What's next: Oxfam advocates for wealth taxes, carbon curbs on luxury goods like private jets and yachts, and stringent corporate emissions regulations
• Proposals like a 2% global billionaire tax and taxes on frequent fliers are gaining attention, though they face political hurdles
• Urgent policy changes are needed to avert catastrophic climate impacts

💬 One quote: “Governments need to stop pandering to the richest. Rich polluters must be made to pay for the havoc they’re wreaking on our planet,” - Nafkote Dabi, Oxfam’s Climate Change Policy Lead

📈 One stat: The richest 1% are responsible for 15.9% of global CO₂ emissions, while the poorest 50% account for just 7.7%

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