World’s richest 1% have already used fair share of emissions for 2026, says Oxfam | Greenhouse gas emissions

The world’s richest 1% have used up their fair share of carbon emissions just 10 days into 2026, analysis has found.

Meanwhile, the richest 0.1% took just three days to exhaust their annual carbon budget, according to the research by Oxfam.

The charity said the worst effects of the emissions would be faced by those who had done the least to cause the climate crisis, including people in low-income countries on the frontlines of climate breakdown, Indigenous groups, women and girls.

Lower- and middle-income countries are most at risk from the detrimental effects of these emissions, with global economic damage potentially adding up to £44tn by 2050.

Oxfam has called on Britain’s chancellor to “increase taxes on climate-polluting extreme wealth”, saying: “The wealthiest individuals and corporations hold disproportionate power and influence.” It said the UK’s richest 1% produced more carbon pollution in eight days than the poorest 50% used in a year.

Not only are the super-rich responsible for most carbon emissions, but they also invest in the most polluting industries. A billionaire carries, on average, an investment portfolio in companies that will produce 1.9m tonnes of CO₂ a year – roughly equivalent to the annual emissions of 400,000 petrol cars.

To stay within the agreed global heating limit of no more than 1.5C above preindustrial levels set by the Paris agreement in 2015, the richest 1% of the world’s population would have to reduce their emissions by 97% by 2030.

Beth John, a climate justice adviser at Oxfam GB, said the UK government should focus on the richest polluters in order to limit damage caused by emissions.

“Repeated opportunities to make the richest pay their fair share for climate action have been missed in the UK, but there is still so much that can be done,” she said. “Fairly taxing the biggest polluters, such as private jets and oil and gas companies, is an obvious place to start to generate the funds needed to transition to a fairer, greener future.”