Energy & Climate
A wealth tax for the richest 0.1%
£130bn National Renewal Tax on the super-rich could insulate all draughty UK homes, fund free bus travel, green jobs and more, new report finds.
15 October 2024
The world’s richest 1% have burned through their share of the annual global carbon budget —the amount of CO2 that can be added to the atmosphere without pushing the world beyond 1.5°C of warming— within the first 10 days of 2025, new Oxfam analysis reveals.
This alarming milestone, dubbed ‘Pollutocrat Day’ by Oxfam, underscores how climate breakdown is disproportionately driven by the super-rich, whose emissions far exceed those of ordinary people.
In stark contrast, it would take someone from the poorest half of the global population nearly three years (1,022 days) to use up their share of the annual global carbon budget.
‘We all want a world free from extreme weather disasters caused by global warming. But while most of us are still just starting-up the new year, the world’s richest 1% have already jetted through their carbon budget for 2025.
‘Extreme wealth isn’t just unfair – it’s a climate risk. Tackling wealth inequality is essential to preventing catastrophic warming, and many of the wealthy individuals I work with agree.
‘Stopping climate change requires investment and implementing effective taxes on wealth is an urgent next step to ensure the ultra wealthy are contributing more to solutions.’
STEPHANIE BROBBEY
CEO and founder of Good Ancestor Movement
While the richest 1% are responsible for more than twice as much carbon pollution than the poorest half of humanity, it is people living in poverty who have done the least to cause the climate crisis that are experiencing its most dangerous impacts.
To meet the vital goal of keeping global warming within 1.5°C, the richest 1% need to cut their emissions by 97% by 2030.
‘The future of our planet is hanging by a thread, yet the super-rich are being allowed to continue to squander humanity’s chances with their lavish lifestyles and polluting investments.
‘Governments need to stop pandering to the richest polluters and instead make them pay their fair share for the havoc they’re wreaking on our planet. Leaders who fail to act are culpable in a crisis that threatens the lives of billions.’
CHIARA LIGUORI
Oxfam GB’s senior climate justice policy advisor
Oxfam is calling on the Chancellor to increase taxes on climate-polluting extreme wealth – such as private jets and superyachts – to raise the much-needed funds to tackle the climate crisis in a way that targets those most responsible and those who can most afford to pay.
Oxfam calculated that fair taxes on private jets and superyachts in the UK could have raised up to £2 billion in 2023 to help generate vital funds for climate action.
‘As global temperatures continue to climb, the UK must show how it will generate its own share of new, fair funding to meet the escalating climate finance needs and fight inequality – significantly higher taxes on polluting luxuries like private jets and superyachts is an obvious place for the Government to start.’
CHIARA LIGUORI
Oxfam GB’s senior climate justice policy advisor
£130bn National Renewal Tax on the super-rich could insulate all draughty UK homes, fund free bus travel, green jobs and more, new report finds.
Oxfam: richest 1% emit as much planet-heating pollution as two-thirds of humanity.
Create new ‘anti-Farage’ department for international development, say climate campaigner.
More than 400 million students affected by climate-related school closures since 2022.
Subscribe to our newsletter
Weekly ethical news, offers, comps and a free digital mag (quarterly) – what’s not to love?
