Oxfam regrets UK's failure to tax private jet, superyacht owners to collect $2.6B to combat climate change

LONDON

Fair taxes on UK polluters could have raised more than $2.6 billion last year to combat climate change, according to a report released by a UK-based charity on Wednesday.

In its latest report, Oxfam presented ways to make the "biggest and richest polluters" pay that will avoid costs falling on UK households.

Identifying and proposing various mechanisms for Britain to raise finance for transformational climate solutions, the study claimed that up to £2 billion (some $2.6 billion) could have been raised in 2023 if fair taxes had been applied on private jets and superyachts.

"Despite being the most polluting way to travel, private jet use in the UK is soaring with the second highest number of private jet flights in Europe last year – behind only France,” said the study.

Calling on Chancellor of the Exchequer Rachel Reeves to increase taxes on "climate-polluting extreme wealth, starting with private jets and superyachts," Oxfam argued that this could help ensure the much-needed finance to tackle the climate crisis.

"While the super-rich continue to pollute at excessive rates, it is people living in poverty – both in the UK and around the world – who have done the least to cause the climate crisis who are suffering the most from its devastating impacts," said Natalie Shortall, Oxfam GB climate justice policy adviser.

Additional measures to better tax extreme wealth are needed to accelerate climate action and fight inequality, she noted, adding that increasing taxes on "highly polluting luxuries" like private jets and superyachts is an obvious place for the government to begin.

Citing that the wealthiest 1% contributes more emissions than two-thirds of humanity, Oxfam warned that "without fair action, this injustice will only deepen."

LONDON

Fair taxes on UK polluters could have raised more than $2.6 billion last year to combat climate change, according to a report released by a UK-based charity on Wednesday.

In its latest report, Oxfam presented ways to make the "biggest and richest polluters" pay that will avoid costs falling on UK households.

Citing that the wealthiest 1% contributes more emissions than two-thirds of humanity, Oxfam warned that "without fair action, this injustice will only deepen."