( MENAFN ) A new report from Oxfam reveals the significant carbon footprint of the world's wealthiest 1 percent, highlighting how their consumption and investment habits are exacerbating the climate crisis and contributing to global issues like hunger, poverty, and increased mortality rates. Released on Monday, the report emphasizes the detrimental environmental impact of luxury assets and high-emission investments, calling for urgent tax measures on "climate-polluting extreme wealth" to facilitate a transition to sustainable energy and support communities affected by climate change. Oxfam’s analysis presents a stark warning: if everyone emitted greenhouse gases at the same rate as the average billionaire, the global carbon budget necessary to limit warming to 1.
5°C would be depleted within just two days. This contrasts sharply with current estimates that suggest the budget could last another four years at present emission levels. With global climate objectives in jeopardy, Oxfam is urging governments to address carbon inequality by implementing new taxes aimed at the wealthiest individuals, particularly targeting luxury assets such as superyachts, private jets, and investments in polluting industries.
In anticipation of the UK budget proposal set for Wednesday, Oxfam is specifically calling on Chancellor of the Exchequer Rachel Reeves to impose higher taxes on private jets and superyachts, noting the "astronomical" emissions associated with the lifestyles of the ultra-ric.