The carbon emissions of the wealthiest 1% of people in the world now equal those of the poorest two-thirds, according to new research.
As the climate crisis deepens, growing calls are being made for policies that target the highly polluting activities of the super-rich.
Recent studies by Oxfam and US-based researchers revealed that just 12 billionaires produce nearly 17 million tonnes of greenhouse gases annually. Flying by private jet, for example, releases 10 times more carbon per passenger than a commercial flight.
Lars Koch, executive director of Oxfam Denmark, said: “Governments have a simple choice: They can continue to let the super-rich fill their pockets while everyday people struggle to pay their bills, and aid to climate finance promises go unmet.
“Or they can put the needs of the many before the luxury of the few and tax the rich. A wealth tax can help reverse today’s unsustainable levels of inequality and unlock the billions needed for people and the planet. It is what we need for a fairer Europe and world.”
Dr Ramit Debnath, an assistant professor and Cambridge Zero Fellow at the University of Cambridge remarked: “There’s a huge contrast between billionaires travelling by private jet while the rest of us drink with soggy paper straws.
“One of those activities has a big impact on an individual carbon footprint, and one doesn’t.”
The issue has gained traction among policymakers. Several countries have proposed taxes on billionaire wealth to address climate change, with G20 finance leaders recently agreeing to a wealth tax on the super-rich. This tax, if implemented, could generate around R4.46 trillion (€230 billion) for tackling urgent global issues like climate change and poverty.
However, disagreements persist over the viability of such a tax, including how it would be implemented and who would oversee its enforcement. Oxfam GB’s climate justice policy adviser, Natalie Shortall, emphasised the need for decisive action: “Further steps to better tax extreme wealth are needed to accelerate climate action and fight inequality. Increasing taxes on highly polluting luxuries like private jets and super yachts is an obvious place to start.”
Oxfam has called for measures such as a higher rate of Air Passenger Duty for private jets and a tax on super yacht owners. In the UK alone, such policies could have raised an extra R38.84 billion (€2 billion) last year to support climate initiatives.
Despite the evident environmental impact of the super-rich, public awareness about the extent of their carbon emissions remains low.
An international survey conducted by Copenhagen Business School and the University of Cambridge revealed that people consistently underestimate the carbon footprints of the wealthy.
Across four countries - Denmark, India, Nigeria, and the US - most participants overestimated the emissions of the poorest 50% and underestimated those of the wealthiest 10%.
“This underestimation may reduce public support for climate policies targeting the wealthy,” said Dr Kristian Steensen Nielsen from Copenhagen Business School.
“Poorer people have more immediate concerns, such as paying rent or supporting their families, but across all income groups, there’s a desire for real solutions to the climate crisis.”
Critics argue that many existing climate policies disproportionately affect lower-income individuals, while the wealthy continue to evade significant lifestyle changes.
“The people with the highest carbon footprints bear the greatest responsibility for changing their lifestyles and reducing their footprints,” concluded Nielsen.
IOL