The world’s richest 1% have burned through their share of the global annual budget in less than two weeks, analysis from Oxfam has revealed.

According to Oxfam’s calculations, the world’s wealthiest 1% have on average already produced 2.1 tonnes of carbon dioxide emissions by January 10.

This figure represents the amount of CO2 each person can produce annually without moving the world beyond 1.5°C of temperature warming, a key target of the Paris Agreement.

In another indication of the inequality of production of CO2 emissions, Oxfam found that the wealthiest 1% are responsible for creating over twice as much carbon emissions than the poorest 50% of the world’s population.

In order to get on a trajectory of keeping temperature rise to less than 1.5°C, the world’s richest 1% will need to slash their carbon footprint by 97% by the end of the decade.

Oxfam’s research also warns that trillions of dollars in economic damage, crop losses, and millions of excess deaths are likely to occur from climate stress, with low and middle-income countries in particular paying the highest price for heavy pollution and environmental degradation.

Oxfam’s calculations project that unless emissions of the richest 1% are curbed, by 2050 crop losses that could have fed at least 10mn people a year will occur.

The non-governmental organisation (NGO) also warns that a disproportionate burden will be placed on low and middle-income countries. About eight in every 10 excess deaths due to heat are likely to occur in developing and emerging economies, with southern Asia in particular expected to bear the brunt of the worst effects of rising temperatures.

Oxfam’s analysis comes as wildfires are ravaging Los Angeles and have put more than 6mn people under critical fire threat, despite January being one of southern California’s coolest months of the year.