World’s richest 1% have already used fair share of emissions for 2026

Analysis by the renowned British Oxfam confederation of charities shows that the world’s richest people are consuming far more than their fair share of the planet’s remaining carbon budget, intensifying global inequality in responsibility for climate change and its impacts. According to the research, the richest 1% of the global population exhausted their annual “fair share” of carbon emissions just 10 days into 2026, while the wealthiest 0.1% used up theirs in only three days.

The group of 21 independent NGOs argues that the consequences of this extreme level of pollution will fall most heavily on those who have contributed the least to the climate crisis, as highlighted in a recent article by The Guardian.

Communities in low- and middle-income countries, Indigenous peoples, and women and girls are expected to face the most severe effects, including increased exposure to extreme weather, food insecurity, displacement and economic instability. The charity warns that climate-related economic damage could reach as much as £44 trillion (approx. $59 trillion) globally by 2050, with poorer countries bearing a disproportionate share of the costs.

The analysis highlights stark inequalities in emissions. In the UK alone, Oxfam estimates that the richest 1% generate more carbon pollution in just eight days than the poorest half of the population produces in an entire year. This imbalance is driven not only by high-consumption lifestyles, such as frequent air travel and luxury goods, but also by investment patterns. On average, a billionaire’s investment portfolio is linked to companies that emit around 1.9 million tonnes of carbon dioxide annually — comparable to the yearly emissions of about 400,000 petrol-powered cars.

Oxfam stresses that meeting the goals of the 2015 Paris Agreement, which aims to limit global warming to 1.5°C above preindustrial levels, would require dramatic changes among the world’s wealthiest. The richest 1% would need to cut their emissions by roughly 97% by 2030 to align with that target, a scale of reduction far greater than what is currently being discussed or implemented.

In response, the charity has urged governments — particularly the UK — to focus climate policy on extreme wealth and high emitters. It has called on the British chancellor to increase taxes on climate-polluting wealth, arguing that the richest individuals and corporations wield outsized power and influence and should therefore shoulder more responsibility for climate action. Proposals include higher taxes on private jets, fossil fuel companies and other major sources of emissions, with the aim of generating funds to support a faster and fairer transition to a low-carbon economy.

Oxfam maintains that targeting the biggest polluters would not only reduce emissions more effectively, but also help address the deep inequalities that define the global climate crisis.

By Nazrin Sadigova