Image of a private jet by Andrew Thomas from Shrewsbury, UK.
Billionaire investments in polluting industries such as fossil fuels and cement double the average for the Standard and Poor group of 500 companies – Oxfam
The investments of just 125 billionaires emit 393 million tonnes of CO2 each year – the equivalent of France – at an individual annual average that is a million times higher than someone in the bottom 90 percent of humanity.
Carbon Billionaires: The investment emissions of the world’s richest people, is a report published by Oxfam based on a detailed analysis of the investments of 125 of the richest billionaires in some of the world’s biggest corporates and the carbon emissions of these investments. These billionaires have a collective $2.4 trillion stake in 183 companies.
The report finds that these billionaires’ investments give an annual average of 3m tonnes of CO2e per person, which is a million times higher than 2.76 tonnes of CO2e which is the average for those living in the bottom 90 percent.
The actual figure is likely to be higher still, as published carbon emissions by corporates have been shown to systematically underestimate the true level of carbon impact, and billionaires and corporates who do not publicly reveal their emissions, so could not be included in the research, are likely to be those with a high climate impact.
“These few billionaires together have ‘investment emissions’ that equal the carbon footprints of entire countries like France, Egypt or Argentina,” said Nafkote Dabi, Climate Change Lead at Oxfam “The major and growing responsibility of wealthy people for overall emissions is rarely discussed or considered in climate policy making. This has to change. These billionaire investors at the top of the corporate pyramid have huge responsibility for driving climate breakdown. They have escaped accountability for too long,” said Dabi.
Jeff Bezos’s superyacht ‘Koru’ often travels accompanied by a smaller ‘support’ superyacht. Image by Conmat13 under the Creative Commons Attribution-Share Alike 4.0 International license via wikimedia.
“Emissions from billionaire lifestyles, their private jets and yachts are thousands of times the average person, which is already completely unacceptable. But if we look at emissions from their investments, then their carbon emissions are over a million times higher,” said Dabi.
Contrary to average people, studies show the world’s wealthiest individuals’ investments account for up to 70 percent of their emissions. Oxfam has used public data to calculate the “investment emissions” of billionaires with over 10 percent stakes in a corporation, by allocating them a share of the reported emissions of the corporates in which they are invested in proportion to their stake.
The study also found billionaires had an average of 14 percent of their investments in polluting industries such as energy and materials like cement. This is twice the average for investments in the Standard and Poor 500. Only one billionaire in the sample had investments in a renewable energy company.
The choice of investments billionaires make is shaping the future of our economy, for example, by backing high carbon infrastructure – locking in high emissions for decades to come. The study found that if the billionaires in the sample moved their investments to a fund with stronger environmental and social standards, it could reduce the intensity of their emissions by up to four times.
“The super-rich need to be taxed and regulated away from polluting investments that are destroying the planet. Governments must put also in place ambitious regulations and policies that compel corporations to be more accountable and transparent in reporting and radically reducing their emissions,” said Dabi.
Oxfam has estimated that a wealth tax on the world’s super-rich could raise $1.4 trillion a year, vital resources that could help developing countries – those worst hit by the climate crisis – to adapt, address loss and damage and carry out a just transition to renewable energy. According to the UNEP adaptation costs for developing countries could rise to $300 billion per year by 2030. Africa alone will require $600 billion between 2020 to 2030. Oxfam is also calling for steeply higher tax rates for investments in polluting industries to deter such investments.
The report says that many corporations are off track in setting their climate transition plans, including hiding behind unrealistic and unreliable decarbonization plans with the promise of attaining net zero targets only by 2050. Fewer than one in three of the 183 corporates reviewed by Oxfam are working with the Science Based Targets Initiative. Only 16 percent have set net zero targets.
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The UK should be prepared to cope with weather extremes as a result of at least 2C of global warming by 2050, independent climate advisers have said.
The country was “not yet adapted” to worsening weather extremes already occurring at current levels of warming, “let alone” what was expected to come, the Climate Change Committee (CCC) wrote in a letter addressed to the government.
The committee said they would advise that the UK prepare for climate change beyond the long-term temperature goal set out in the Paris Agreement.
The letter came as the World Meteorological Organization (WMO) confirmed that 2024 had seen a record rise of carbon dioxide (CO2) in the atmosphere.
CO2 is the gas mainly responsible for human-caused climate change and is released when fossil fuels are burnt, as well as other activities.
The CCC’s letter came after it had been asked to provide advice on a timeframe for setting adaption scenarios, based on “minimum climate scenarios”.
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The increase of CO2 in the atmosphere between 2023 and 2024 was the largest since modern measurements started in the late 1950s, the WMO said.
“The heat trapped by CO2 and other greenhouse gases is turbo-charging our climate and leading to more extreme weather,” said WMO Deputy Secretary-General Ko Barrett.
“Reducing emissions is therefore essential not just for our climate but also for our economic security and community well-being,” she added.
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Ellie Chowns, Green Party MP for North Herefordshire. CC image Wikipedia.
Responding to the release of detailed proposals for Heathrow Airport expansion, Green Party MP, Ellie Chowns, reiterated the Green Party’s opposition to airport expansion, saying,
These expansion plans are, at their heart, aimed to deliver profit for shareholders to enable a small group of people to fly more and more. In the UK we have a few frequent flyers that make up less than 3% of the UK population but take 30% of all journeys. On top of this, they seem oblivious to the impact that these plans will have on the communities currently living around Heathrow. Government must be grounded in reality and look hard at the climate science. No credible net-zero plan can include rampant airport expansion, and it’s time Labour looked to the many, many alternative ways to create high-paid green jobs.”
Human-caused greenhouse gas (GHG) emissions in 2024 continued to drive global warming to record levels.
This is the stark picture that emerges in the third edition of the “Indicators of Global Climate Change” (IGCC) report, published in Earth System Science Data.
In doing so, the IGCC fills the gap between the IPCC’s sixth assessment (AR6) in 2021 and the seventh assessment, expected in 2028.
Following IPCC methods, this year’s assessment brings together a team of over 60 international scientists, including former IPCC authors and curators of vital global datasets.
As in previous years, it is accompanied by a user-friendly data dashboard focusing on the main policy-relevant climate indicators, including GHG emissions, human-caused warming, the rate of temperature change and the remaining global carbon budget.
Below, we explain this year’s findings, highlighting the role that humans are playing in some of the fundamental changes the global climate has seen in recent years.
Headline results from an analysis of key climate indicators in 2024, compared to the IPCC AR6 climate science report. Source: Forster et al. (2025)
(For previous IGCC reports, see Carbon Brief’s detailed coverage in 2023 and 2024.)
Our best estimate is a rise of 1.52C (with a range of 1.39-1.65C), of which human activity contributed around 1.36C. The rest is the result of natural variability in the climate system, which also plays a role in shaping global temperatures from one year to the next.
Our estimate of 1.52C differs slightly from the 1.55C given by the World Meteorological Organisation (WMO) state of the global climate 2024 report, published earlier this year. This is because they make slightly different selections on which of the available global land and ocean temperature datasets to include. (The warming estimate has varied by similar amounts in past years and future work will aim to harmonise the approaches.)
The height of 2024’s temperatures, while unprecedented in at least the last 2,000 years, is not surprising. Given the high level of human-induced warming, we might currently expect to see annual temperatures above 1.5C on average one year in six.
However, with 2024 following an El Niño year, waters in the North Atlantic were warmer than average. These conditions raise this likelihood to an expectation that 1.5C is surpassed every other year.
From now on, we should regard 2024’s observed temperatures as unexceptional. Temperature records will continue to be broken as human-caused temperature rise also increases.
Longer-term temperature change
Despite observed global temperatures likely rising by more than 1.5C in 2024, this does not equate to a breach of the Paris Agreement’s temperature goal, which refers to long-term temperature change caused by human activity.
IGCC also looks at how temperatures are changing over the most recent decade, in line with IPCC assessments.
Over 2015-24, global average temperatures were 1.24C higher than pre-industrial levels. Of this, 1.22C was caused by human activity. So, essentially, all the global warming seen over the past decade was caused by humans.
Observed global average temperatures over 2015-24 were also 0.31C warmer than the previous decade (2005-14). This is unsurprising given the high rates of human-caused warming over the same period, reaching a best estimate of 0.27C per decade.
This rate of warming is large and unprecedented. Over land, where people live, temperatures are rising even faster than the global average, leading to record extreme temperatures.
But every fraction of a degree matters, increasing climate impacts and loss and damage that is already affecting billions of people.
Driven by emissions
Undoubtedly, these changes are being caused by GHG emissions remaining at an all-time high.
Over the last decade, human activities have released, on average, the equivalent of around 53bn tonnes of CO2 into the atmosphere each year. (The figure of 53bn tonnes expresses the total warming effect of CO2 and other greenhouse gases, such as methane and nitrous oxide, using CO2 as a reference point.)
Emissions have shown no sign of the peak by 2025 and rapid decline to net-zero required to limit global warming to 1.5C with no or limited “overshoot”.
Most of these emissions were from fossil fuels and industry. There are signs that energy use and emissions are rising due to air conditioning use during summer heatwaves. Last year also saw high levels of emissions from tropical deforestation due to forest fires, partly related to dry conditions caused by El Niño.
The amount of CO2 in the atmosphere, alongside the other major GHGs of methane (CH4) and nitrous oxide (N2O), is continuing to build up to record levels. Their concentrations have increased by 3.1, 3.4 and 1.7%, respectively, since the 2019 values reported in the last IPCC assessment.
At the same time, aerosol emissions, which have a cooling effect, are continuing to fall as a result of important efforts to tackle air pollution. This is currently adding to the rate of GHG warming.
Notably, cutting CH4 emissions, which are also short-lived in the atmosphere, could offset this rise. But, again, there is no real sign of a fall – despite major initiatives such as the Global Methane Pledge.
The effect of all human drivers of climate change on the Earth’s energy balance is measured as “radiative forcing”. Our estimate of this radiative forcing in 2024 is 2.97 Watts per square metre (W/m2), 9% above the value recorded in 2019 that was quoted in the last IPCC assessment.
This is shown in the figure below, which illustrates the percentage change in an array of climate indicators since the data update given in the last IPCC climate science report.
Percentage changes in key climate indicators in 2024, compared to the IPCC AR6 climate science report. The remaining carbon budget given on the right is the only indicator to show a reduction and is the change since IPCC AR6, presented as a shrinking box. Source: Forster et al. (2025)
Continued emissions and rising temperatures are meanwhile rapidly eating into the remaining carbon budget, the total amount of CO2 that can be emitted if global warming is to be kept below 1.5C.
Our central estimate of the remaining carbon budget from the start of 2025 is 130bn tonnes of CO2.
This has fallen by almost three-quarters since the start of 2020. It would be exhausted in a little more than three years of global emissions, at current levels.
However, given the uncertainties involved in calculating the remaining carbon budget, the actual value could lie between 30 and 320bn tonnes, meaning that it could also be exhausted sooner – or later than expected.
Beyond global temperatures
Our assessment also shows how surplus heat is accumulating in the Earth’s system at an accelerating rate, becoming increasingly out of balance and driving changes around the world.
The data and their changes are displayed on a dedicated Climate Change Tracker platform, shown below.
Snapshot of Climate Change Tracker
The radiative forcing of 2.97 W/m2 adds heat to the climate system. As the world warms in response, much of this excess heat radiates to space, until a new balance is restored. The residual level of heating is termed the Earth’s “energy imbalance” and is an indication of how far out of balance the climate system is and the warming still to come.
This residual rate of heat entering the Earth system has now approximately doubled from levels seen in the 1970s and 1980s, to around 1W/m2on average during the period 2012-24.
Although the ocean is storing an estimated 91% of this excess heat, mitigating some of the warming we would otherwise see at the Earth’s surface, it brings other impacts, including sea level rise and marine heatwaves.
Global average sea level rise, from both the melting of ice sheets and thermal expansion due to deep ocean warming, is included in the IGCC assessment for the first time.
We find that it has increased by around 26mm over the last six years (2019-24), more than double the long-term rate. This is the indicator that shows the clearest evidence of an acceleration.
Overall, our indicators provide multiple lines of evidence all pointing in the same direction to provide a clear and consistent – but unsurprising and worsening – picture of the climate system.
It is also now inevitable that global temperatures will reach 1.5C of long-term warming in the next few years unless society takes drastic, transformative action – both in cutting GHG emissions and stopping deforestation.
Every year of delay brings reaching 1.5C – or even higher temperatures – closer.
This year, countries are unveiling new “nationally determined contributions” (NDCs), the national climate commitments aimed at collectively reducing GHG emissions and tackling climate change in line with the Paris Agreement.
While the plans put forward so far represent a step in the right direction, they still fall far short of what is needed to significantly reduce, let alone stop, the rate of warming.
At the same time, evidence-based decision-making relies on international expertise, collaboration and global datasets.
Our annual update relies on data from NASA and the National Oceanic and Atmospheric Administration (NOAA) and input from many of their highly respected scientists. It is this type of collaboration that allows scientists to generate well-calibrated global datasets that can be used to produce trusted data on changes in the Earth system.
It would not be possible to maintain the consistent long-term datasets employed in our study if their work is interrupted.
At a time when the planet is changing at the fastest rate since records began, we are at risk of failing to track key indicators – such as greenhouse gas concentrations or deep ocean temperatures – and losing core expertise that is vital for understanding the data.
Forster, P. M. et al. (2025) Indicators of Global Climate Change 2024: Annual update of key indicators of the state of the climate system and human influence, Earth System Science Data, doi:10.5194/essd-17-2641-2025
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A view of flames and giant smoke is seen over the sky as a fire erupted at the natural gas Moss Landing Power Plant in Moss Landing of Monterey Bay, California, United States on January 17, 2025. (Photo: Tayfun Coskun/Anadolu via Getty Images)
Scientists said that atmospheric carbon dioxide concentrations peaked above 430 parts per million for the first time in perhaps 30 million years.
The concentration of carbon dioxide in the atmosphere peaked above 430 parts per million in 2025—the highest it has been in millions of years—according to data released by the National Oceanic and Atmospheric Administration and Scripps Institution of Oceanography at the University of California, San Diego on Thursday.
The news was overshadowed by the explosive feud between U.S. President Donald Trump and his erstwhile backer Elon Musk, but climate activist Bill McKibben argued that it was ultimately more consequential.
“In the long run, this is actually going to be the important news of the day—CO2 in the atmosphere passes another grim milestone,” McKibben wrote on social media.
In the long run, this is actually going to be the important news of the day–co2 in the atmosphere passes another grim milestone
Carbon dioxide has been accumulating in the atmosphere due primarily to the human burning of fossil fuels, as well as by the clearing of forests and other natural carbon sinks. There, it acts as a greenhouse gas, trapping heat from the Earth, and is the primary gas responsible for the rise of global temperatures by approximately 1.1°C from the 1850 -1900 average. This warming has already had a host of dramatic impacts, from extreme weather events to sea-level rise to polar ice melt, and scientists warn these impacts will only accelerate under current energy policies, which put the world on track for around 3°C of warming by 2100.
The last time that atmospheric CO2 concentrations topped 430 ppm was most likely more than 30 million years ago, Ralph Keeling, who directs the Scripps CO2 Program, told NBC News.
“It’s changing so fast,” he said. “If humans had evolved in such a high-CO2 world, there would probably be places where we wouldn’t be living now. We probably could have adapted to such a world, but we built our society and a civilization around yesterday’s climate.”
“While largely symbolic, passing 430 ppm should be a wake-up call.”
Scripps and National Oceanic and Atmospheric Administration both measure carbon dioxide levels from NOAA’s Mauna Loa Observatory in Hawaii, where Charles Keeling began taking measurements in 1958. As CO2 levels rise over time, they also follow a seasonal cycle—peaking in May before falling in the Northern Hemisphere summer and rising again in the fall.
This May, Scripps Oceanography calculated an average of 430.2 ppm for 2025, which is 3.5 ppm over the average for May 2024. NOAA’s Global Monitoring Laboratory, meanwhile, calculated a monthly average of 430.5 ppm, a 3.6 ppm jump from the year before and the second-steepest yearly climb since 1958.
“Another year, another record,” Keeling said in a statement. “It’s sad.”
JUST IN: Atmospheric carbon dioxide (CO2) concentrations have peaked for the year at 430.5 ppm.📈 This is 3.6 ppm higher than last year and the second largest May-May increase in the 67-year Mauna Loa record. In 2023, the CO2 peaked at 424 ppm. 🔗: https://t.co/adhNurvOtEpic.twitter.com/t1VUSCeKgU
The news comes two months after Mauna Loa daily measurements surpassed 430 ppm for the first time in March, which Plymouth Marine Laboratory professor Helen Findlay called “extremely disappointing and worrying.”
“While largely symbolic, passing 430 ppm should be a wake-up call, especially given the accelerated response we are seeing of glaciers and ice sheets to current warming,” Dr. James Kirkham, chief scientist of the Ambition on Melting Ice coalition of governments, said at the time.
“This upward trajectory is a direct result of continued fossil fuel use, likely exacerbated by emissions from extreme wildfires last year, methane leaks from fossil fuel extraction and possibly greater permafrost emissions, alongside decreased ability of very warm oceans to absorb CO2,” Kirkham said.
The monthly record also comes a little more than a week after a United Nations report warned that there was a small chance global temperatures could surpass 2°C in at least 1 of the next 5 years, only a decade after world leaders pledged in the Paris agreement to keep global temperatures “well-below” that level.
“Carbon emissions are still rising, and the atmosphere is going to keep heating further until greenhouse gas concentrations stabilize,” Matt Kean, who chairs Australia’s Climate Change Authority, wrote in response to the Scripps and NOAA figures. “What sort of climate do we want to leave our children and those who come after them?”
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