Oxfam’s new report, Climate Inequality: A Planet for 99%, draws a stark conclusion. Using research from the Stockholm Environment Institute (SEI), it says the ultra‑wealthy are “burning our world” — their excessive carbon dioxide emissions are driving global warming.
Oxfam is an international confederation of 17 organizations operating in over 90 countries, dedicated to addressing poverty and combating the associated injustices worldwide.
The report finds that the wealthiest one percent of people emit as much carbon dioxide (CO2) as the poorest two‑thirds of the global population combined.
The report names specific billionaires as major contributors, including Oracle founder Larry Ellison, Mexican business magnate Carlos Slim, and Tesla and X CEO Elon Musk.
Many of the richest people are seriously preparing to leave Earth if a climate catastrophe occurs. For example, Elon Musk is exploring options to evacuate wealthy people to Mars.
The Poor Suffer Most from Climate Inequality
For the report, a team of experts used previous studies on emissions across different countries and attributed those emissions to socioeconomic groups. They divided the population into three groups: the ultra‑rich, middle‑income people, and the poorest.
The authors used a “mortality cost” formula that estimates each million tons of carbon emissions corresponds to 226 additional deaths worldwide. They found that CO2 emissions from the wealthiest one percent are projected to cause an estimated 1.3 million additional climate‑related deaths, with most occurring between 2020 and 2030.
By contrast, it would take the poorest person on the planet about 1,500 years to produce the same amount of harmful emissions that a billionaire generates in just one year.
The ultra‑rich account for the largest share of greenhouse gas emissions because they own assets with large carbon footprints, such as cars, planes, and large buildings.
The report says the poorest countries are suffering most from the climate crisis because they can’t afford to invest in measures like flood defenses or air conditioning. That lack of investment drives higher mortality rates in those nations, the Daily Mail reports.
The report also projects that emissions from the wealthiest one percent will be about 22 times higher than levels compatible with limiting warming to 1.5°C by 2030.
This report arrives ahead of the UN Climate Change Conference COP28, which will take place in Dubai from November 30 to December 12.
