From billionaires to the 99%: The inequality of climate change

Inequality is growing, and it affects every part of our lives. Each year before the major UN climate summit (known as “COP”) we release a new report demonstrating how inequality is one of the root causes of spiralling climate chaos.

The richest 1% in this world hold back the 99% of us from making the changes we need to keep us from climate disaster. Through their high-polluting lifestyles, media buying power and influence on politics, they make sure the people most susceptible to the changing climate are not heard and don’t get the justice they deserve.

• 2023: The richest 1% emit as much planet-heating pollution as two-thirds of humanity, says Oxfam's report Climate Equality: A Planet for the 99%, published ahead of the UN Climate Summit, COP28.

• 2024: Billionaires emit more carbon pollution in under three hours than the average Brit does in a lifetime, says Oxfam’s report Carbon Inequality Kills: Why curbing the excessive emissions of an elite few can create a sustainable planet for all, published ahead of the UN Climate summit, COP29.

• 2025: The UK's super-rich are polluting 56 times more than those on the lowest incomes, says Oxfam’s report Climate Plunder: How a powerful few are locking the world into disaster, published ahead of the UN Climate summit, COP30. 

People living in poverty are least responsible for causing the climate crisis. Their emissions are extremely low compared to those of richer countries and the high-polluting lifestyles and investments of the super-rich. Yet, they are often the least protected from climate disasters, through a lack of infrastructure and funding to adapt and recover when disasters strike.

Whether due to flooding, droughts, increasing risks of hurricanes and cyclones, or extreme weather events like wildfires or heatwaves, it’s those least responsible for this crisis who feel its effects first and worst.

Even back in 2016, the World Bank said “Climate disasters push 26 million people into poverty each year.” And we are running out of time to limit warming to the globally agreed goal of 1.5°C of global temperature rises.

There have been glimmers of hope. With campaigners from around the world, Indigenous communities and people on the frontlines of this crisis standing up and demanding climate justice, some progress has been made.

At COP27 in 2022, there was a well-received announcement that a Loss and Damage fund would be set up, to compensate less developed countries for climate damages that could not be adapted to. But, since then, commitments to this fund remain woefully inadequate.

When we talk about climate finance, not only are we asking governments like the UK to commit funds, we also need to make sure that these funds reach communities on the frontline.

Climate finance is complicated. Negotiating deals with multiple countries across the world, getting agreements, timelines and mechanisms in place is not easy. That’s why it’s essential that countries agree that climate action should be fair: so no matter how complicated the politics becomes, that principle is front and centre and money gets to those who need it most.

Money needs to flow now, because as the climate changes more, the amount of money needed for a just transition to a fairer, greener world increases.

Accountability is key to climate justice. Ask yourself, ‘why should people who did the least to cause the climate crisis be paying for it?’ whilst the super-rich burn their way through the carbon budget at a hell of a pace.

But what is the carbon budget? This is the maximum amount of carbon calculated we can use before we hit 1.5°C global temperature increase limit. Once we go over this limit, it is extremely difficult to reverse it – we need climate justice for all of us.

If we all polluted like the richest 1% do, then we would burn through the remaining carbon budget in just 90 days!

The super-rich are using their money to insulate themselves against the consequences of their actions by buying influence in politics and media.

We need to demand climate justice. To do this, it is essential that we act to curb growing inequality, and stop the super-rich profiting from polluting, whilst the world burns.

Ahead of COP30 and the Autumn Budget, Oxfam is calling on the UK Government to:

• Introduce a 2% wealth tax – supported by 78% of the British public: a crucial start to fund climate action at home and abroad
• Make polluters pay by fairly taxing high emission industries such as oil and gas, and highly polluting activities such as luxury travel
• Make an ambitious new international climate finance commitment
• Limit the influence of polluting corporations and lobbyists in UK climate and energy policy.

Join us: Fight for climate justice. Power to the people and the planet. Tax the super-rich.