LONDON, Jan. 11 -- The world's wealthiest 1 per cent have already exhausted their annual carbon budget - the amount of CO2 that can be emitted while keeping global warming within the 1.5degC limit - just ten days into the new year, according to a stark new analysis from Oxfam.

The richest 0.1 per cent used up their entire yearly carbon allowance by January 3.

Oxfam has dubbed this day "Pollutocrat Day" to highlight how the super-rich are disproportionately responsible for driving the climate crisis through their lavish lifestyles and carbon-intensive investments.

The report warns of severe consequences, estimating that the emissions generated by the richest 1 per cent in a single year will cause 1.3 million heat-related deaths by the e...