The ultra-rich “profit from the climate disasters they cause”, denounces an Oxfam report

The world's richest 0.1% generate more carbon pollution than the poorest 3.5 billion people on the planet combined. This is what a report from the NGO Oxfam reported on Tuesday, October 27.

Published ahead of the United Nations climate summit (COP31) which will be held from November 9 to 21, 2026 in Turkey, this study “shows how climate disasters have become increasingly lucrative,” denounces Oxfam, which describes the ultra-rich as “climate crisis profiteers.”

Emissions produced in a single year by the richest 1% will cause 1.9 million additional heat-related deaths, according to Oxfam analyses. In France, in less than a year, a person from the richest 0.1% emits as much as a person from the poorest 50% in 30 years.

Oxfam estimates that “the global market for disaster repair and reconstruction activities is expected to grow from $70 billion to $92 billion per year by 2029.” “The ultra-rich set the planet on fire, then make us pay for the extinguishers,” comments Amitabh Behar, Managing Director of Oxfam International.

The NGO also questions the political choices that govern the most polluting consumption in the midst of the debate for the 2027 presidential election in France. Oxfam directly points to the responsibility of the National Rally which “supported an amendment aimed at removing the ban on certain flights in private jets, while refusing to support tax measures targeting the ultra-rich”.

The carbon footprint of the richest 1% in France reaches 249 tonnes of CO₂ per person, according to Oxfam, whereas it is almost zero for the poorest 50% in France. This new report also reveals that in just six minutes, the private jets of the ultra-rich in France emit as much CO₂ as the poorest half of the French population in an entire year.

“Putting climate responsibility solely on consumption choices means exonerating those who have the most power over our economy,” judges Selma Huart, head of Just Transition at Oxfam France. It calls for “addressing the responsibility of those who finance and profit from the most polluting activities”.