The wealthiest 1% of the world’s population were responsible for the emission of more than twice as much carbon dioxide as the poorer half of the world from 1990 to 2015, according to new research.

The report, compiled by Oxfam and the Stockholm Environment Institute, warned that rampant overconsumption and the rich world’s addiction to high-carbon transport are exhausting the world’s “carbon budget”.

Such a concentration of carbon emissions in the hands of the rich means that despite taking the world to the brink of climate catastrophe, through burning fossil fuels, we have still failed to improve the lives of billions, said Tim Gore, head of policy, advocacy and research at Oxfam International.

“The global carbon budget has been squandered to expand the consumption of the already rich, rather than to improve humanity,” he told the Guardian. “A finite amount of carbon can be added to the atmosphere if we want to avoid the worst impacts of the climate crisis. We need to ensure that carbon is used for the best.”