Credit: Oxfam

By Oxfam
LONDON, Jan 13 2026 (IPS)

The richest 1% have exhausted their annual carbon budget – the amount of CO2 that can be emitted while staying within 1.5 degrees of warming – only ten days into the year, according to new analysis from Oxfam. The richest 0.1% already used up their carbon limit on the 3rd January.

This day – named by Oxfam as ‘Pollutocrat Day’ – highlights how the super-rich are disproportionately responsible for driving the climate crisis.

The emissions of the richest 1% generated in one year alone will cause an estimated 1.3 million heat-related deaths by the end of the century. Decades of over consumption of emissions by the world’s super rich are also causing significant economic damage to low and lower-middle income countries, which could add up to $44 trillion by 2050.

To stay within the 1.5 degrees limit, the richest 1% would have to slash their emissions by 97% by 2030. Meanwhile, those who have done the least to cause the climate crisis – including communities in poorer and climate-vulnerable countries, Indigenous groups, women and girls – will be the worst impacted.

“Time and time again, the research shows that governments have a very clear and simple route to drastically slash carbon emissions and tackle inequality: by targeting the richest polluters.

By cracking down on the gross carbon recklessness of the super-rich, global leaders have an opportunity to put the world back on track for climate targets and unlock net benefits for people and the planet,” said Oxfam’s Climate Policy Lead Nafkote Dabi.

On top of their lifestyle emissions, the super-rich are also investing in the most polluting industries. Oxfam’s research finds that each billionaire carries, on average, an investment portfolio in companies that will produce 1.9 million tonnes of CO2 a year, further locking the world into climate breakdown.

The wealthiest individuals and corporations also hold disproportionate power and influence. The number of lobbyists from fossil fuel companies attending the recent COP summit in Brazil, for example, was more than any delegation apart from the host nation, with 1600 attendees.

“The immense power and wealth of super-rich individuals and corporations have also allowed them to wield unjust influence over policymaking and water down climate negotiations.” Dabi added.

Oxfam calls on governments to slash the emissions of the super-rich and make rich polluters pay through:

Increase taxes on income and wealth of the Super-rich and proactively support and engage on the negotiations for the UN Convention of International Tax Cooperation to deliver a fairer global architecture.

Excess profit taxes on fossil fuel corporations. A Rich Polluter Profits Tax on 585 oil, gas and coal companies could raise up to US $400 billion in its first year, equivalent to the cost of climate damages in the Global South.

Ban or punitively tax carbon-intensive luxury items like super-yachts and private jets. The carbon footprint of a super-rich European, accumulated from nearly a week of using super yachts and private jets, matches the lifetime carbon footprint of someone in the world’s poorest 1 percent

Build an equal economic system that puts people and planet first by rejecting dominant neoliberal economics and moving towards an economy based on sustainability and equality. 

The International Court of Justice (ICJ), the world’s highest court, has confirmed that countries have a legal obligation to reduce emissions enough to protect the universal rights to life, food, health, and a clean environment. 

IPS UN Bureau

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Oxfam and CARE Climate Justice Centre argue that wealthy nations are profiteering through climate finance loans. Credit: CARE Climate Justice Center

By Oxfam and CARE Climate Justice Center
THE HAGUE, Netherlands , Oct 8 2025 (IPS)

New research by Oxfam and the CARE Climate Justice Centre finds developing countries are now paying more back to wealthy nations for climate finance loans than they receive—for every USD 5 they receive, they are paying USD 7 back, and 65 percent of funding is delivered in the form of loans.

This form of crisis profiteering by rich countries is worsening debt burdens and hindering climate action. Compounding this failure, deep cuts to foreign aid threaten to slash climate finance further, betraying the world’s poorest communities, who are facing the brunt of escalating climate disasters.

Some key findings of the report:

• • Rich countries claim to have mobilized USD 116 billion in climate finance in 2022, but the true value is only around USD 28–35 billion, less than a third of the pledged amount.
  • Nearly two-thirds of climate finance was made as loans, often at standard rates of interest without concessions. As a result, climate finance is adding more each year to developing countries’ debt, which now stands at USD 3.3 trillion. Countries like France, Japan, and Italy are among the worst culprits.
  • Least Developed Countries got only 19.5 percent and Small Island Developing States 2.9 percent of total public climate finance over 2021-2022 and half of that was in the form of loans they have to repay.
  • Developed nations are profiting from these loans, with repayments outstripping disbursements. In 2022, developing countries received USD 62 billion in climate loans. We estimate these loans to lead to repayments of up to USD 88 billion, resulting in a 42 percent ‘profit’ for creditors.
  • Only 3 percent of finance is specifically aimed at enhancing gender equality, despite the climate crisis disproportionately impacting women and girls.

“Rich countries are treating the climate crisis as a business opportunity, not a moral obligation,” said Oxfam’s Climate Policy Lead, Nafkote Dabi. “They are lending money to the very people they have historically harmed, trapping vulnerable nations in a cycle of debt. This is a form of crisis profiteering.”

This failure is occurring as rich countries are conducting the most vicious foreign aid cuts since the 1960s. Data by the OECD shows a 9 percent drop in 2024, with 2025 projections signaling a further 9–17% cut.

As the impacts of fossil fuel-fueled climate disasters intensify—displacing millions of people in the Horn of Africa, battering 13 million more in the Philippines, and flooding 600,000 people in Brazil in 2024 alone—communities in low-income countries are left with fewer resources to adapt to the rapidly changing climate.

“Rich countries are failing on climate finance and they have nothing like a plan to live up to their commitments to increase support. In fact, many wealthy countries are gutting aid, leaving the poorest to pay the price, sometimes with their lives,” said John Norbo, Senior Climate Advisor at CARE Denmark. “COP30 must deliver justice, not another round of empty promises.”

Adaptation funding is also critically underfunded, receiving only 33 percent of climate finance, as investors favor mitigation projects with more immediate financial returns.

Ahead of COP30, Oxfam and CARE are calling on rich countries to:

Live up to climate finance commitments: Provide the full USD 600 billion for 2020–2025 and clearly outline how they plan to scale up to the agreed USD 300 billion annually, and lead on the USD 1.3 trillion Baku to Belém roadmap.

• • Stop crisis profiteering: Drastically increase the share of grants and highly concessional finance to prevent further indebting the world’s most climate-vulnerable communities.
  • Multiply adaptation finance: Commit to at least triple adaptation finance by 2030, using the COP26 goal to double adaptation financing by 2025 as a baseline.
  • Provide finance for loss and damage: The global Fund for Responding to Loss and Damage must be adequately capitalized. Victims of climate change must not continue to be ignored.
  • Mobilize new sources of finance: Raise funds by taxing the super-rich, which in OECD countries alone can raise 1.2 trillion a year, and the excess profit of fossil fuel companies globally, which could raise 400 billion per year annually.

You can read the full report here.

The CARE Climate Justice Center (CJC) leads and coordinates the integration of climate justice and resilience across CARE International’s development and humanitarian work. The CJC is an initiative powered by CARE Denmark, CARE France, CARE Germany, CARE Netherlands, and CARE International UK.

Results of a global survey by Oxfam International and Greenpeace show 8 out of 10 people support paying for public services and climate action through taxing the super-rich.

The research was conducted by first-party data company Dynata in May-June 2025, in Brazil, Canada, France, Germany, Kenya, Italy, India, Mexico, the Philippines, South Africa, Spain, the UK and the US.

The survey had approximately 1 200 respondents per country, with a margin of error of +-2.83%. Together, these countries represent close to half the world’s population.

IPS UN Bureau Report

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Excerpt:

Credit: United Nations
 
The 51st G7 summit is scheduled to take place 15-17 June 2025 in Kananaskis, Alberta, Canada. The G7 consists of seven of the world's largest developed economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States plus the European Union (EU), a non-enumerated member.

By Oxfam
ALBERTA, Canada, Jun 13 2025 (IPS)

Aid cuts could cost millions of lives and leave girls, boys, women and men without access to enough food, water, education, health treatment.

G7 countries are making deliberate and deadly choices by cutting life-saving aid, enabling atrocities, and reneging on their international commitments

Low and middle-income countries face reduced aid, rising debt, and trade barriers — a perfect storm that threatens development and recovery.

The Group of Seven (G7) countries, which together account for around three-quarters of all official development assistance, are set to slash their aid spending by 28 percent for 2026 compared to 2024 levels.

It would be the biggest cut in aid since the G7 was established in 1975, and indeed in aid records going back to 1960, reveals a new analysis by Oxfam ahead of the G7 Summit in Kananaskis, Canada.

“The G7’s retreat from the world is unprecedented and couldn’t come at a worse time, with hunger, poverty, and climate harm intensifying. The G7 cannot claim to build bridges on one hand while tearing them down with the other. It sends a shameful message to the Global South, that G7 ideals of collaboration mean nothing,” said Oxfam International Executive Director Amitabh Behar.

2026 will mark the third consecutive year of decline in G7 aid spending – a trend not seen since the 1990s. If these cuts go ahead, G7 aid levels in 2026 will crash by $44 billion to just $112 billion. The cuts are being driven primarily by the US (down $33 billion), Germany (down $3.5 billion), the UK (down $5 billion) and France (down $3 billion).

“Rather than breaking from the Trump administration’s cruel dismantling of USAID and other US foreign assistance, G7 countries like the UK, Germany, and France are instead following the same path, slashing aid with brutal measures that will cost millions of lives,” said Behar.

“These cuts will starve the hungry, deny medicine to the sick, and block education for a generation of girls and boys. This is a catastrophic betrayal of the world’s most vulnerable and crippling to the G7’s credibility,” said Behar.

Economic projections show that aid cuts will mean 5.7 million more people across Africa will fall below extreme poverty levels in the coming year, a number expected to rocket to 19 million by 2030.

Cuts to aid are putting vital public services at risk in some of the world’s poorest countries. In countries like Liberia, Haiti, Malawi, and South Sudan, US aid had made up over 40 percent of health and education budgets, leaving them especially exposed. Combined with a growing debt crisis, this is undermining governments’ ability to care for their people.

Global aid for nutrition will fall by 44 percent in 2025 compared to 2022:
The end of just $128 million worth of US-funded child nutrition programs for a million children will result in an extra 163,500 child deaths a year.

At the same time, 2.3 million children suffering from severe acute malnutrition – the most lethal form of undernutrition – are now at risk of losing their life-saving treatments.

One in five dollars of aid to poor countries’ health budgets are cut or under threat:
WHO reports that in almost three-quarters of its country offices are seeing serious disruptions to health services, and in about a quarter of the countries where it operates some health facilities have already been forced to shut down completely.

US aid cuts could lead to up to 3 million preventable deaths every year, with 95 million people losing access to healthcare. This includes children dying from vaccine-preventable diseases, pregnant women losing access to care, and rising deaths from malaria, TB, and HIV.

G7 countries are not just reneging on commitments to global aid and solidarity, they are fuelling conflicts by allowing grave violations of international law, like in Gaza where people are facing starvation.

Whether in Ukraine, the occupied Palestinian territory, the Democratic Republic of the Congo or elsewhere, civilians must always be protected, and aid is often the first line of protection they get. G7 countries are illuminating a double standard that risks more global instability, conflict and atrocities.

While G7 countries cut aid, their citizen billionaires continue to see their wealth surge. Since the beginning of 2025, the G7 ultra-rich have made $126 billion, almost the same amount as the group’s 2025 aid commitment of $132 billion.

At this pace, it would take the world’s billionaires less than a month to generate the equivalent of the G7’s 2025 aid budget.

By taxing the super-rich, the G7 could easily meet their financial commitments to end poverty and climate breakdown, whilst also having billions in new revenue to fight inequality in their own countries.

“The world is not short of money. The problem is that it is in the hands of the super-rich instead of the public. Rather than fairly taxing billionaires to feed the hungry, we see billionaires joining government to slash aid to the poorest in order to fund tax cuts for themselves,” said Behar.

Oxfam is calling on the G7 to urgently reverse aid cuts and restore funding to address today’s global challenges. More than 50 years after the United Nations set the target of 0.7 percent for aid spending, most G7 countries remain well below this.

Oxfam is also urging the G7 to support global efforts led by Brazil and Spain to raise taxes on the super-rich, and to back the call from the African Union and The Vatican for a new UN body to help manage countries’ debt problems.

According to OECD Data Explorer, the combined annual aid expenditure of the G7 in 2024 was $156.694 billion. Canada spent $7.323 billion, the United States $61.821 billion, Japan $17.583 billion, France $15.047 billion, Germany $31.382 billion, Italy $6.534 billion, and the United Kingdom $17.005 billion.

Donor Tracker estimates that the decline in combined annual aid spending of the G7 countries for the period 2024 to 2026 will be -$44,488 billion.

In 2024, aid from G7 countries declined by 8 percent, and projections for 2025 point to a sharper drop of 19 percent.

Modelling using finds that 5.7 million more Africans would fall below the US$2.15 extreme poverty income level in the next year if Trump’s administration succeeds in its aid-reduction ambition. This assumes a 20 percent reduction of aid to Africa, considering that some US aid would be maintained as the US alone accounted for 26 percent of aid to Africa before the cuts.

The dismantling of USAID and major aid reductions announced by Western donors threaten to undo decades of progress on malnutrition. A 44 percent drop in funding from 2022 levels could lead to widespread hardship and death.

Up to 2.3 million children with severe acute malnutrition risk losing life-saving treatment, warns the Standing Together for Nutrition Consortium.

There are 2,968 billionaires in the world, and 1,346 live in G7 countries (45 percent).

IPS UN Bureau

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