Colonialism

The vital transition from fossil fuels into renewable energy is being captured by super-rich polluters – individuals, companies and countries – reproducing colonial patterns that are entrenching inequalities and fuelling human rights violations, says Oxfam’s new report “Unjust Transition: Reclaiming the Energy Future from Climate Colonialism”, published today. 

Billionaire wealth has risen three times faster in 2024 than 2023. Five trillionaires are now expected within a decade.

Billionaire wealth grew by $2 trillion in 2024 alone, equivalent to roughly $5.7 billion a day, at a rate three times faster than the year before. An average of nearly four new billionaires were minted every week. Meanwhile, the number of people living in poverty has barely changed since 1990, according to World Bank data.

Billionaire wealth has risen three times faster in 2024 than in 2023. At least five trillionaires are now expected within a decade. Meanwhile, the number of people living in poverty has barely changed since 1990. Inequality is out of control.