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COP29 must deliver more than “threadbare promises”

In response to the latest climate finance draft text at COP29, Oxfam International’s Climate Justice Lead, Safa’ Al Jayoussi, said:  

“COP29 must do more than simply repeat the same threadbare promises. Rich countries have spent decades now stalling and blocking genuine progress on climate finance. This has left the Global South suffering the most catastrophic consequences of a climate crisis they did not create. The draft text scandalously misses the crucial element of declaring a clear public commitment to a new climate finance goal.  

“Rich countries, those most responsible for climate chaos, owe $5 trillion in annual climate debt and reparations. This funding must come as grants-based public financing to help communities that need it the most mitigate and adapt to the impacts of climate change and recover from loss and damage. Anything less will simply be a failure. 

“This is not charity – it is an established obligation under international law. It is the bare minimum needed to shield frontline communities from devastation, allow them to rebuild after disasters pass, and ensure their just transition to a sustainable future. The next few days are a credibility test for these climate negotiations and for COP itself. The time for stalling is over. If rich countries don’t deliver, they will go down in history as having chosen profit over people and complacency over courage.” 

Notes to editors

Rich countries continue to resist calls for climate reparations. Climate activists are demanding the Global North provide at least $5 trillion a year in public finance to the Global South.
 

Contact information

Rachel Schaevitz in Auckland, NZ I rachel.schaevitz@oxfam.org.nz

Jeshua Hope in Suva, Fiji | jhope@oxfampacific.org | +679 7500889 

Global climate activists rally at Baku’s Olympic stadium with bold “Pay Up!” message

Global climate activists today gathered at Baku’s Olympic stadium —the venue for the United Nations climate talks— to urge world leaders to commit to a new, ambitious climate finance deal. The message “Pay Up!” unfolded across the stadium seats, in perfect sight from the COP29 presidency offices located on the opposite side of the arena. 

COP29 has been dubbed the “finance COP” because setting a new goal for global climate finance and laying out a plan for achieving it is the big battleground issue. Activists and civil society organizations call for the new goal to drastically increase from its present $100 billion a year to $5 trillion a year in climate debt and reparations and to protect communities facing the worst impacts of the crisis. 

“As communities in the Global South bear the brunt of climate disasters, it’s past time for the Global North to pay their share —without saddling us with more loans and debt,” said Marinel Ubaldo, a Make Rich Polluters Pay activist and delegate from the Philippines. “Real climate action means financing solutions that uplift, empower, and sustain our communities, free from the chains of fossil fuels and debt traps.”

Global climate policy experts underscore this year’s conference as one of the most critical since COP26 in 2021.Without more ambitious and urgent action, the world could warm by a terrifying 3.1°C by the end of the century.

Activists are also calling to make rich polluters pay through taxes on fossil fuel-intensive industries and the super-rich. Fifty of the world’s richest billionaires emit more carbon pollution through their investments, private jets and yachts in 90 minutes than the average person does in their lifetime.  

“The world needs leaders who are committed to justice and fairness; this starts with honoring climate finance commitments, taxing the super-rich, phasing out fossil fuels, and holding polluters accountable,” Ubaldo added. “The climate crisis doesn’t pause for politics or profit —it demands swift, decisive, and equitable action now.”

Notes to editors

The organisers are a cross-constituency of climate groups, including Oxfam.

Oxfam’s report, “Carbon Inequality Kills,” tracks the emissions from private jets, yachts and polluting investments and details how the super-rich are fueling inequality, hunger and death across the world. 

Contact information

Rachel Schaevitz/ rachel.schaevitz@oxfam.org.nz

 

Make Rich Polluters Pay

Make Rich Polluters Pay

Join the campaign to help make rich polluters pay.

The climate crisis is here and now, wrecking the lives and livelihoods of millions of people from Aotearoa to the Pacific, and around the world.

Every day, the devastating impacts of climate change are being felt, but not equally. People facing poverty, who did the least to cause the crisis, are suffering the most. Discrimination means that it’s often women who pay the highest price, while young people everywhere are seeing their futures stolen. All the while the richest people and corporations are plundering the planet and polluting for profit. 

But it doesn’t have to be this way. A more equal and sustainable world is possible. One where all of us who are at risk from the climate crisis have what we need to survive extreme weather and build a better future. 

The biggest polluters, who are raking in record profits and amassing huge fortunes, must pay for the climate crisis they are creating and the costs of building a fairer future. We can raise the trillions of dollars needed to tackle the climate crisis if we make rich polluters pay! 

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Meet Cynthia Houniuhi​

Cynthia Houniuhi is a climate activist from the Solomon Islands and the current President of the Pacific Islands Students Fighting Climate Change (PISFCC). In 2019, she was one of 27 youth activists and law students who formed the PISFCC – a campaign to persuade the leaders of the Pacific Island Forum to take the issue of climate change and human rights to the International Court of Justice.

Billionaires emit more carbon pollution in 90 mins than the average person does

Fifty of the world’s richest billionaires on average produce more carbon through their investments, private jets and yachts in just over an hour and a half than the average person does in their entire lifetime, a new Oxfam report reveals today. The first-of-its-kind study, “Carbon Inequality Kills,” tracks the emissions from private jets, yachts and polluting investments and details how the super-rich are fueling inequality, hunger and death across the world. The report comes ahead of COP29 in Baku, Azerbaijan, amidst growing fears that climate breakdown is accelerating, driven largely by the emissions of the richest people.

If the world continues its current emissions, the carbon budget (the amount of CO2 that can still be added to the atmosphere without causing global temperatures to rise above 1.5°C) will be depleted in about four years. However, if everyone’s emissions matched those of the richest 1 percent, the carbon budget would be used up in under five months. And if everyone started emitting as much carbon as the private jets and superyachts of the average billionaire in Oxfam’s study, it would be gone in two days.

“The super-rich are treating our planet like their personal playground, setting it ablaze for pleasure and profit. Their dirty investments and luxury toys —private jets and yachts— aren’t just symbols of excess; they’re a direct threat to people and the planet,” said Oxfam International Executive Director Amitabh Behar.

“Oxfam’s research makes it painfully clear: the extreme emissions of the richest, from their luxury lifestyles and even more from their polluting investments, are fueling inequality, hunger and —make no mistake— threatening lives. It’s not just unfair that their reckless pollution and unbridled greed is fueling the very crisis threatening our collective future —it’s lethal,” said Behar.

The report, the first-ever study to look at both the luxury transport and polluting investments of billionaires, presents detailed new evidence of how their outsized emissions are accelerating climate breakdown and wreaking havoc on lives and economies. The world’s poorest countries and communities have done the least to cause the climate crisis, yet they experience its most dangerous consequences.

Oxfam found that, on average, 50 of the world’s richest billionaires took 184 private jet flights in a single year, spending 425 hours in the air —producing as much carbon as the average person would in 300 years. In the same period, their yachts emitted as much carbon as the average person would in 860 years.

  • Jeff Bezos’ two private jets spent nearly 25 days in the air over a 12-month period and emitted as much carbon as the average US Amazon employee would in 207 years. Carlos Slim took 92 trips in his private jet, equivalent to circling the globe five times.
  • The Walton family, heirs of the Walmart retail chain, own three superyachts that in one year produced as much carbon as around 1,714 Walmart shop workers.

Billionaires’ lifestyle emissions dwarf those of ordinary people, but the emissions from their investments are dramatically higher still —the average investment emissions of 50 of the world’s richest billionaires are around 340 times their emissions from private jets and superyachts combined. Through these investments, billionaires have huge influence over some of the world’s biggest corporations and are driving us over the edge of climate disaster.

Nearly 40 percent of billionaire investments analyzed in Oxfam’s research are in highly polluting industries: oil, mining, shipping and cement. On average, a billionaire’s investment portfolio is almost twice as polluting as an investment in the S&P 500. However, if their investments were in a low-carbon-intensity investment fund, their investment emissions would be 13 times lower.

Oxfam’s report details three critical areas, providing national and regional breakdowns, where the emissions of the world’s richest 1 percent since 1990 are already having —and are projected to have— devastating consequences:

  • Global inequality. The emissions of the richest 1 percent have caused global economic output to drop by $2.9 trillion since 1990. The biggest impact will be in countries least responsible for climate breakdown. Low- and lower-middle-income countries will lose about 2.5 percent of their cumulative GDP between 1990 and 2050. Southern Asia, South-East Asia and Sub-Saharan Africa will lose 3 percent, 2.4 percent and 2.4 percent, respectively. High-income countries, on the other hand, will accrue economic gains.
  • Hunger. The emissions of the richest 1 percent have caused crop losses that could have provided enough calories to feed 14.5 million people a year between 1990 and 2023. This will rise to 46 million people annually between 2023 and 2050, with Latin America and the Caribbean especially affected (9 million a year by 2050).
  • Death. 78 percent of excess deaths due to heat through 2120 will occur in low- and lower-middle-income countries.

“It’s become so tiring, to be resilient. It’s not something that I have chosen to be —it was necessary to survive. A child shouldn’t need to be strong. I just wanted to be safe, to play in the sand —but I was always fleeing when storms came. Counting dead bodies after a typhoon isn’t something any child should have to do. And whether we survive or not, the rich polluters don’t even care,” said Marinel Sumook Ubaldo, a young climate activist from the Philippines.

Rich countries have failed to keep their $100 billion climate finance promise, and heading into COP29, there is no indication that they will set a new climate finance goal that adequately addresses the climate financing needs of Global South countries. Oxfam warns that the cost of global warming will continue to rise unless the richest drastically reduce their emissions.

Ahead of COP29, Oxfam calls on governments to:

  • Reduce the emissions of the richest. Governments must introduce permanent income and wealth taxes on the top 1 percent, ban or punitively tax carbon-intensive luxury consumptions —starting with private jets and superyachts— and regulate corporations and investors to drastically and fairly reduce their emissions.
  • Make rich polluters pay. Climate finance needs are enormous and escalating, especially in Global South countries that are withstanding the worst climate impacts. A wealth tax on the world’s millionaires and billionaires could raise at least $1.7 trillion annually. A wealth tax on investments in polluting activities could bring in another $100 billion.
  • Reimagine our economies. The current economic system, designed to accumulate wealth for the already rich through relentless extraction and consumption, has long undermined a truly sustainable and equitable future for all. Governments need to commit to ensuring that, both globally and at a national level, the incomes of the top 10 percent are no higher than the bottom 40 percent.

ENDS

Notes to editors

Download Oxfam’s report “Carbon Inequality Kills” and the methodology note.

Oxfam’s research shows that the richest 1 percent, made up of 77 million people including billionaires, millionaires and those earning $310,000 ($140,000 PPP) or more a year, accounted for 16 percent of all CO2 emissions in 2019.

On average, a billionaire’s investments in polluting industries such as fossil fuels and cement are double the average for the Standard & Poor 500 group of corporations.

Oxfam’s analysis estimates the changes in economic output (GDP), changes in yields of major crops (it considers maize, wheat, and soy, which are among the most common crops globally) and excess deaths due to changes in temperatures that can be attributed to the emissions of the richest people. Economic damages are expressed in International Dollars ($), which adjusts for Purchasing Power Parity (PPP).

Daniel Horen Greenford (Concordia University, Universitat de Barcelona) carried out the calculations on economic damages, Corey Lesk (Dartmouth College) conceived and carried out calculations on agricultural losses, and Daniel Bressler (Columbia University) provided country-level estimates of the mortality cost of carbon.

According to the International Renewable Energy Agency, if invested in renewable energy and energy efficiency measures by 2030, billionaires’ wealth could cover the entire funding gap between what governments have pledged and what is needed to keep global warming below 1.5⁰C.

Rich countries continue to resist calls for climate reparations. Climate activists are demanding the Global North provide at least $5 trillion a year in public finance to the Global South “as a down payment towards their climate debt” to the countries, people and communities of the Global South who are the least responsible for climate breakdown but are the most affected.

Contact information

Rachel Schaevitz – rachel.schaevitz@oxfam.org.nz

Up to 21,000 people are dying each day from conflict-fuelled hunger around the world

On World Food Day, hunger has reached an all-time high exposing the flaws in global peacebuilding and conflict recovery efforts 

 

Between 7,000 to as many as 21,000 people are likely dying each day from hunger in countries impacted by conflict, according to a new Oxfam report published on World Food Day.

The report, Food Wars, examined 54 conflict-affected countries and found that they account for almost all of the 281.6 million people facing acute hunger today. Conflict has also been one of the main causes of forced displacement in these countries, which has globally reached a record level today of more than 117 million people.

It argues that conflict is not only a primary driver of hunger, but that warring parties are also actively weaponizing food itself by deliberately targeting food, water and energy infrastructure and by blocking food aid. 

“As conflict rages around the world, starvation has become a lethal weapon wielded by warring parties against international laws, causing an alarming rise in human deaths and suffering. That civilians continue to be subjected to such slow death in the 21st century, is a collective failure”, says Emily Farr, Oxfam’s Food and Economic Security Lead. 

“Today’s food crises are largely manufactured. Nearly half a million people in Gaza – where 83% of food aid needed is currently not reaching them – and over three quarters of a million in Sudan, are currently starving as the deadly impact of wars on food will likely be felt for generations.”

The report also found that the majority of the countries studied (34 out of 54) are rich in natural resources, relying heavily on exporting raw products. For example, 95% of Sudan’s export earnings come from gold and livestock, 87% of South Sudan’s come from petroleum products, and nearly 70% of Burundi’s come from coffee.

In Central America, meanwhile, mining operations have led to violent conflicts, uprooting people from their homes as they no longer become able to live in degraded and polluted environments.

Oxfam argues that currently peacebuilding and post-conflict reconstruction efforts are too often based on encouraging more foreign investment and export-related economies. However, this focus on economic liberalization can instead create more inequality, suffering and the potential for conflict to resume.

“It is no coincidence that the lethal combination of war, displacement and hunger has often occurred in countries rich in natural resources. The exploitation of these raw commodities often means more violence, inequality, instability, and renewed conflict. Too often, large-scale private investment—both foreign and domestic —has also added to political and economic instabilities in these countries, where investors seize control over land and water resources forcing people out of their homes,” said Farr.

Conflict often compounds other factors like climate shocks, economic instability and inequalities to devastate people’s livelihoods. For example, climate shocks like droughts and floods, coupled with the surge in global food prices associated with pandemic shut-downs and additional food-chain disruptions connected to the Russia-Ukraine war, have fueled the hunger crises in East and Southern Africa.

Many of those fleeing are women and children. Aisha Ibrahim, age 37, told Oxfam that she had to walk four days with her four children, leaving their home in Sudan for Joda, across the border in South Sudan. She left her husband behind to protect their home. “I used to live in a proper home. I could never imagine myself in this situation,” she said.

The international community’s pledge of “zero hunger” by 2030 remains out of touch. Oxfam says that states and institutions globally, including the UN Security Council, must hold to account those committing “starvation crimes” in accordance with international law.

“To break the vicious cycle of food insecurity and conflict, global leaders must tackle head-on the conditions that breed conflict: the colonial legacies, injustices, human rights violations, and inequalities – rather than offering quick band-aid solutions.”

“We cannot end conflict by simply injecting foreign investments in conflict-torn countries, without uprooting the deep inequalities, generational grievances, and human rights violations that fuel those conflicts. Peace efforts must be coupled with investment in social protection, and social cohesion building. Economic solutions must prioritize fair trade and sustainable food systems,” said Farr.

Notes to the Editor

  • Read Oxfam’s report, “Food Wars”
  • There has been an alarming rise in global conflict – not seen in decades – both in terms of number of wars and the death toll from conflict. Source: PRIO and UPSALA
  • Oxfam analysed 54 active conflict, refugee-hosting, and conflict legacy countries with populations in 2023 facing “crisis-level” acute food insecurity, i.e., at Integrated Food Security Phase Classification (IPC) 3 or higher. In total, nearly 278 million people in these countries faced crisis-level hunger in 2023, accounting for 99% of the global population at IPC 3+ (281.6 million people).
  • Oxfam has calculated the hunger mortality figure based on the crude death rate in the Integrated Food Insecurity Technical Manual, and the Global Report on Food Crises (GRFC) 2024 Integrated Food Security Phase Classification (IPC) 3 or higher in conflict-affected countries. This was between 7,784 and 21,406 deaths per day or (5 -15 per minute). Source: GRFC 2024
  • In all 54 countries, conflict was a major cause of food insecurity, although in some, weather extremes or economic shocks may have been the principal driver.
  • 34 of 54 studied countries rely mainly on primary product exports, such as food, agriculture, and extractive industry products, or light assembly and low-end manufactures.
  • Natural resources exports figures are based on Trading Economics. (2023). Sudan Exports; World Bank. (2022). World Bank Report: With peace and accountability, oil and agriculture can support early recovery in South Sudan. Press Release, June 15; and Trading Economics. (2024) on Burundi Exports.; and USDA (US Department of Agriculture) Foreign Agriculture Service. (2022) on Ukraine Agricultural Production and Trade.
  • Food insecurity figures for Gaza are from IPC 2024, and for Sudan from IPC April report.
  • Recent analysis from aid agencies found 83% of food aid is not making it into the Gaza Strip
  • Globally, 117.3m people are forcibly displaced, of which 68.3m are internally displaced by conflict in 2023, that’s 90% of all IDPs (75.9m), Source: UNHCR 2024 and Migration Data Portal

Contact information:

Rachel Schaevitz — rachel.schaevitz@oxfam.org.nz

World’s top 1% own more wealth than 95% of humanity

  • Over a third of world’s biggest 50 corporations —worth $13.3 trillion— now run by a billionaire or has a billionaire as a principal shareholder.
  • Global South countries own just 31 percent of global wealth, despite being home to 79 percent of global population.
  • Oxfam urges multilateral action to advance new global framework on tax, cancel debts and rewrite intellectual property rules for pandemics.

The richest 1 percent have more wealth than the bottom 95 percent of the world’s population put together, new Oxfam analysis of UBS data reveals today ahead of the annual UN High-Level General Debate.

 

Billionaires are exerting new levels of control over economies, with a billionaire either running or the principal shareholder of more than a third of the world’s top 50 corporations. The combined market capitalization of these corporations is $13.3 trillion.

 

Oxfam’s briefing paper “Multilateralism in an Era of Global Oligarchy” warns that multilateral efforts to respond to critical global challenges, including the climate crisis and persistent poverty and inequality, are being undermined by the ultra-wealthy and mega-corporations fueling inequality within and between countries.

 

Despite being home to 79 percent of the world’s population, Global South countries own just 31 percent of global wealth.

 

“The shadow of global oligarchy hangs over this year’s UN General Assembly. The ultra-wealthy and the mega-corporations they control are shaping global rules to serve their interests at the expense of people everywhere. The iconic UN podium is increasingly feeling diminished in a world in which billionaires are calling the shots,” said Amitabh Behar, Oxfam International’s Executive Director.

 

The paper describes a “movement toward a global oligarchy,” where the ultra-rich, often through their increasingly monopolistic corporations, shape global political decision-making and rules to enrich themselves while thwarting vital global progress.

 

The top 1 percent own 43 percent of all global financial assets. Just two corporations control 40 percent of the global seed market. The “big three” US-based asset managers —BlackRock, State Street, and Vanguard— hold $20 trillion in assets, close to one-fifth of all investable assets in the world.

 

“While we often hear about great power rivalries undermining multilateralism —it is clear that extreme inequality is playing a massive role. In recent years the ultra-wealthy and powerful corporations have used their vast influence to undermine efforts to solve major global problems such as tackling tax dodging, making Covid-19 vaccines available to the world and canceling the albatross of sovereign debt,” said Behar.

 

Oxfam details three recent examples of extreme inequality eroding multilateral efforts —and where civil society and Global South leaders have offered inequality-busting solutions:

 

  • Powerful corporations undermining tax cooperation. The OECD/G20 Inclusive Framework on Base Erosion and Profit Sharing (BEPS) fell short of realizing its potential, with new rules for profit allocation that will deliver only tiny extra revenues for lower-income countries of as little as 0.026 percent of their GDP. The exclusion of financial services from OECD rules is a carve-out attributed to lobbying from countries with large banking and financial sectors. Global South countries, led by African countries, are instead advancing negotiations for a fairer tax convention at the UN that, along with Brazil’s leadership at the G20, offer a pathway for fairly taxing the super-rich and mega-corporations.
  • Big Pharma resisting efforts to break up their monopolies over Covid-19 vaccine technologies to unlock supply. Monopoly control over vaccine production was highly profitable during the pandemic. In 2021 alone, the seven largest manufacturers generated an estimated $50 billion in net profit from the sale of Covid-19 vaccines, resulting in huge payouts to rich shareholders and the emergence of new vaccine billionaires. The CEO of Pfizer Albert Bourla described the call to share Covid-19 vaccine technologies as “dangerous nonsense.” The failure to equitably share vaccines contributed to as many as 1.3 million excess deaths worldwide. A new pandemic treaty with strong provisions to suspend patents and allow for easier transfers of technology offers promise.
  • Private creditors exacerbating the global debt crisis. Low-income countries spend nearly 40 percent of their annual budgets on debt service, over 60 percent more than they spend on education, health, and social protection combined. Over half of low- and middle-income countries’ external debt is owed to private lenders like banks and hedge funds. Some of these creditors are “vulture funds,” which purchase distressed debt on the cheap and exploit legal mechanisms to be repaid in full, reaping outsized profits.

“Only a solidarity-based multilateralism can reverse the movement toward global oligarchy. Some world leaders are showing they recognize this and are stepping up to fight inequality —but we need many more to demonstrate this courage,” said Behar.

“Ultimately, a fairer world and international order —where corporations pay their fair share, global public health is prioritized, and where all countries can invest in their own people— benefits us all. This is not new, and it’s long what leaders especially from the Global South have called for.” 

 

ENDS

 

Notes to editors

 

Download Oxfam’s briefing paper “Multilateralism in an Era of Global Oligarchy.”.

 

The pandemic has created at least 40 new pharmaceutical billionaires.

 

Oxfam’s recent analysis of more than 180 of the largest US public corporations shows that they collectively spent $746 million on lobbying in 2022, an average of $4.1 million each.

 

Contact information:

Rachel Schaevitz — rachel.schaevitz@oxfam.org.nz

 

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Oxfam is a worldwide development organisation that mobilises the power of people against injustice. Oxfam Aotearoa is a registered charity with the New Zealand Charities Register (registration CC24641). Donations are tax refundable.

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