World's super-rich have already used their share of carbon for 2025, says Oxfam

In Ireland, it said, the disparity is “equally shocking” as an Irish billionaire emits as much greenhouse gas in a single day as the average Irish person does in a year.

The carbon budget metric used for this analysis tracks how much CO2 can be added to the atmosphere without exceeding 1.5C of warming, which scientists have warned will have catastrophic results for the planet.

“In Ireland, we are already seeing the effects of climate change, such as increasingly severe storms and devastating floods,” Oxfam CEO Jim Clarken said. “Yet, the wealthiest individuals continue to pollute with impunity.

The super-rich are not just burning through their carbon budget — they are robbing future generations of their right to a liveable planet. This is a theft of our collective future, and it must stop.

The charity said the richest 1% are responsible for over twice as much carbon pollution as the poorest half of humanity combined, with their emissions having caused trillions of dollars in economic damage and millions of excess deaths since 1990.

These emissions highlighted by Oxfam come from luxury lifestyles such as using private jets and yachts, and from investment in heavily pollutant industries. It has previously said that its research has shown that 40% of billionaire investments analysed were in industries such as oil, mining, shipping and cement.

It has said that the richest 1%, made up of 77 million individuals including billionaires and millionaires, were responsible for 15.9% of global CO2 emissions in 2019 whereas the bottom 50% accounted for 7.7% of all emissions.

By 2030, it said the wealthiest individuals are expected to cut their emissions by only 5% which is far short of the 97% reduction needed to align with the 1.5C target.

“Government leaders need to tax luxury emissions — including superyachts and private jets — introduce significant wealth taxes to fund climate action and make rich polluters pay,” Mr Clarken said.

“Reparations are owed to Global South countries bearing the brunt of climate breakdown. This is not just about reducing carbon footprints — it’s about justice, accountability, and securing a fairer future for all. Before time runs out, emergency action must be taken.” 

Ireland

With talks ongoing to form Ireland’s next Government, Oxfam said climate action and global climate justice must be a priority in the next Programme for Government.

Earlier this week, the Irish Examiner reported talks between Fianna Fáil and Fine Gael over the coming days would hone in on climate among other issues. After the Greens’ poor general election performance, the environment brief will be with a new party under the next Government.

Mr Clarken added: “We need to accelerate our own reduction of carbon emissions at the same time as we increase our contributions to climate finance for those countries most impacted.”