Billionaires and the ultra-rich are burning more carbon than than most of the world. The world’s richest 1%—just 8 million people who make, on average, $442,000 a year—produce far more emissions than the poorest 3.5 billion, states the report. Someone in the richest 0.1% emits 48 times more CO2 than the average person in the U.S. over the course of a year.
Oxfam used climate attribution models and a consumption-based emissions dataset developed by the Stockholm Environment Institute to calculate emissions by income group. Keeping emissions in check is a key part of addressing the climate crisis. This month, the United Nations warned that, in order to keep warming below 2°C, urgent action must be taken to drastically reduce global emissions by 18% by 2030.
Research has long shown that wealthier countries drive a disproportionate share of global emissions. But emissions disparities exist within countries as well. The U.S., for example, is the second largest carbon emitter behind China—but not everyone is responsible for the same share of emissions. The report finds that, in just under four months (118.3 days), someone in the richest 0.1% living in the U.S., those making an average of $1.98 million a year, emits more CO2 than what someone in the poorest half of the country (those making an average of $25,600 a year), has emitted over the last 30 years.