"Carbon Billionaires": Oxfam Calls for Taxing Rich Who Profit from Emissions Fueling Climate Crisis

A new Oxfam analysis finds the investments of the world's richest people are emitting 3 million tons a year — more than a million times the average person's output. The report, titled "Carbon Billionaires," suggests a wealth tax could help fund urgent climate action in developing countries. The analysis shows "how much power and control a few people have over our economic system and, beyond that, our way of life, our survival as humanity," says Ashfaq Khalfan, climate justice director at Oxfam America. Khalfan also responds to U.S. Special Presidential Envoy for Climate John Kerry's new carbon offset proposal, which he calls a "distraction" that will delay action on public financing of climate action.

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