Richest 1% Burn Through a Decade of Carbon Budget in Days

The world's wealthiest people have already used up humanity's entire carbon budget for 2026, according to a new report. This "carbon budget" is the amount of carbon dioxide the world can emit to keep global warming below 1.5°C. The analysis, from the charity Oxfam, found the richest 1% of humanity emitted as much carbon in the first 10 days of 2024 as the poorest 66% will emit all year. This extreme pollution by a small, wealthy group is accelerating climate change. Oxfam warns these excessive emissions cause major economic damage. Low- and lower-middle income countries suffer the worst impacts, like floods and droughts, despite contributing least to the problem. The report calls for governments to address this inequality. It recommends new taxes on the super-rich and on polluting industries like fossil fuels and aviation.