Governments are under growing pressure to take tougher action against climate change by targeting the world’s biggest polluters. Campaigners say banning high-emission luxury goods and taxing fossil fuel profits are among the fastest ways to cut carbon output and stay on track with global climate goals.
Much of that pressure is focused on the ultra-rich. According to Oxfam, a tiny fraction of the global population is responsible for a staggering share of emissions, driving what the organisation describes as “gross carbon recklessness.”
New figures show that the richest one per cent had already used up their entire yearly carbon budget by 10 January 2026. This marks the point where emissions pass the level considered compatible with limiting global warming to 1.5°C, often referred to as “Pollutocrat Day.”
The picture is even more extreme at the very top. The richest 0.01 per cent exceeded their annual carbon allowance within the first three days of the year. To meet the targets set under the Paris Agreement, this group would need to reduce their emissions by 97 per cent by 2030.
How the wealthy drive climate damage
Private jets and super-yachts have become symbols of elite excess, but Oxfam’s research shows personal luxury is only part of the problem. The richest individuals and companies also exert enormous control over global markets and politics, often investing heavily in fossil fuel industries.
That influence was on display at last year’s COP30 climate summit in Brazil, where more than 1,600 lobbyists linked to oil, gas and coal companies attended, forming one of the largest delegations at the event.
Nafkote Dabi, Oxfam’s climate policy lead, says the concentration of wealth allows powerful interests to weaken environmental rules and slow progress at international negotiations.
On average, each billionaire’s investment portfolio is linked to companies producing about 1.9 million tonnes of carbon dioxide a year, emissions that will continue to lock the world into dangerous levels of warming.
Oxfam estimates that the emissions generated by the richest one per cent in a single year could lead to 1.3 million heat-related deaths by the end of the century and cause enormous economic losses in poorer nations. These damages could reach as high as $44 trillion by 2050.
Why campaigners want new taxes and bans
Oxfam is calling on governments to force wealthy polluters to shoulder more responsibility by raising taxes on income and assets and introducing new levies on fossil fuel companies.
One proposal, a “rich polluter profits tax” on hundreds of oil, gas and coal firms, could raise around $400 billion in its first year alone. The organisation says this would roughly match the cost of climate damage already being suffered by countries in the Global South.
It is also pushing for outright bans or heavy taxes on carbon-intensive luxury items such as private jets and super-yachts. The carbon footprint a wealthy European can rack up in just one week of using these forms of transport is similar to what someone in the world’s poorest one per cent produces over their entire lifetime.
Dabi argues that the solution is straightforward: governments must focus on those doing the most damage.
By curbing the excesses of the super-rich, he says, world leaders have a real chance to cut emissions rapidly, reduce inequality and bring climate targets back within reach, delivering benefits for both people and the planet.
