THE world’s wealthiest 1 per cent have already burned through their share of the entire annual carbon limit, a damning analysis of super-rich climate destruction has revealed.

A new study by charity Oxfam has analysed the “global carbon budget” — the amount of CO2 that can be emitted without exceeding the international target of limiting global warming to 1.5°C above pre-industrial levels.

Its findings showed that while the richest capitalists had already exceeded that limit in the first 10 days of 2025, it would take someone from the poorest half of the global population nearly three years to use up their share.

Inaction will continue to have deadly consequences, the charity said — and eight in 10 deaths from heat will occur in low and lower-middle-income countries.

Oxfam estimated that by 2050, emissions by the 1 per cent will cause crop losses that could have provided enough calories to feed at least 10 million people a year in eastern and southern Asia.

Emissions from the ultra-wealthy are also causing trillions in economic losses -– the impact on low and lower-middle-income countries over the past three decades has been three times greater than the total climate finance provided by wealthy nations. 

To make a start on attempts to meet the 1.5°C goal, the richest 1 per cent would need to cut their emissions by 97 per cent by the end of the decade, the charity said.

It suggested that this could be done by introducing wealth taxes alongside a ban, or heavy taxation, on private jets and superyachts.

The charity urged governments to make rich polluters pay, and for climate finance to be boosted significantly for countries such as those in the global South bearing the brunt of climate impacts.

Oxfam International’s climate change policy lead Nafkote Dabi said: “The margin for action is razor-thin, yet the super-rich continue to squander humanity’s chances with their lavish lifestyles, polluting stock portfolios and pernicious political influence. 

“This is theft — pure and simple ― a tiny few robbing billions of people of their future to feed their insatiable greed.” 

Extinction Rebellion’s Marijn van de Geer said: “On the same day as the announcement that 2024 has been confirmed to breach 1.5°C, the elite 1 per cent has already burned through their share of their annual global carbon budget.

“Not only are they flying us all to extinction in their private jets, which accounts for an enormous and disproportionate share of transport emissions, they are also whispering in the ears of our politicians, news editors and judges; controlling the narrative that climate breakdown isn’t real, or certainly isn’t as urgent as scientists say it is.

“We cannot achieve a fair transition away from fossil fuels as long as the elite 1 per cent holds all the power over decision makers, so we must expose what they are doing, which is exactly what we are intending to do this year.”

A spokesperson for Just Stop Oil also issued a rallying call, saying: “We live within a system that serves the few over the many, and the rich are on course for destroying all our lives if they carry on unopposed. We must get organised and resist. 

“We need a revolution in politics and economics, and we need to reclaim Parliament from the corporations and billionaires, whilst prioritising the interests of ordinary people.”