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The combined wealth of EU billionaires increased by more than 400 billion euros in just six months this year – the equivalent of over two billion euros a day. That is according to Oxfam’s new report, “A European Agenda to Tax the Super-Rich” which comes ahead of EU Finance Ministers meeting to discuss ways to finance the EU’s budget.   

Wealthy nations are expected to fall up to $75 billion short of fulfilling their long-standing pledge to mobilize $100 billion each year from 2020 to 2025 to help the most vulnerable countries adapt to the dangerous effects of climate change and reduce their emissions, according to estimates by Oxfam today.

International development cooperation has consistently been an integral component of the European Union's foreign policy. Like diplomacy, development cooperation is a means to foster stability, security and prosperity for all in an increasingly interconnected world. The COVID-19 pandemic, the climate crisis and the ripple effects of Russia’s full-scale invasion in Ukraine have underscored our global interdependence and the imperative for international collaboration, investment, and partnerships that promote equitable development globally while safeguarding the long-term interests of the EU and its citizens.  

As the EU scales back its climate ambition, new Oxfam research reveals the stark carbon inequality in the EU: Europe’s wealthiest are increasing their emissions, while ordinary Europeans have made the biggest cuts. The report highlights three key findings: Europe’s wealthiest are burning through our climate budget: the richest 10% of Europeans produce as much carbon as the bottom 50% combined. Carbon cuts are driven by ordinary Europeans, while Europe’s elite keep polluting: emissions have fallen. The bottom 50% of Europeans reduced their emissions by 27%, while the richest 0.1% increased theirs by 14%. To stay on the 1.5°C pathway, the EU must tackle the excessive emissions of Europe’s richest: everyone must cut their emissions, but the richest must go much further. The research shows that, to stay within the 1.5°C limit, the bottom 50% would need to cut their emissions in half, the top 10% by 90%, the top 1% by 97%, and the top 0.1% by 99%. 2024 was the first year that average global temperatures exceeded 1.5°C above pre-industrial levels. Yet, since the European elections, the EU has scaled back its climate ambitions, failing to submit its climate plan before the COP30 deadline and watering down climate legislation in the name of simplification. Oxfam calls on the EU to ramp up its ambition for emission reduction, with measures aimed at Europe’s wealthiest, to avoid a climate catastrophe and reduce climate inequality.

Today, EU Foreign Policy Chief, Kaja Kallas, presented a review of the EU-Israel Association Agreement at the meeting of EU Foreign Affairs Ministers. In response, Agnes Bertrand Sanz, Oxfam Humanitarian Expert, said:   “There are moments in history where delay and distraction are not neutral, it is a decision. While EU ministers continue to debate and defer, entire families in Gaza are being buried under rubble and people are being killed while trying to get food.  

As EU and Israeli officials meet today behind closed doors to discuss their bilateral relationship, Agnès Bertrand-Sanz, Oxfam humanitarian expert, said: “The EU includes human rights clauses in its bilateral deals for a reason, yet with Israel, these clauses seem optional. By having this meeting, the EU is signalling that it is business as usual”. 

Ahead of the EU foreign affairs ministers' meeting to discuss the EU-Israel Association Agreement, Agnes Bertrand Sanz, Oxfam Humanitarian Expert, said: “The cost of inaction is measured in lives. Oxfam and partners see firsthand the unspeakable toll in Gaza: homes flattened, hospitals destroyed and looming famine. No one should live in this constant fear, not knowing if today will be the day they die. There is no time for more debate and no room for passing the buck. It is time for leadership and decisive action. Europe must ask itself: does it want to be complicit in these atrocities?” 

This report highlights how foreign states and corporations, through ongoing trade with illegal settlements, directly enable the humanitarian crisis driven by Israel’s prolonged occupation.

In reaction to the recent announcement that the EU will review the EU-Israel Association Agreement, Bushra Khalidi, Oxfam’s Policy lead in the Occupied Palestinian Territory and Gaza: “Let’s be clear: it is a welcome step, but far too little and too late. For months upon months, the people of Gaza have endured unimaginable suffering. Entire families erased. Homes, hospitals and schools reduced to rubble.

The EU Commission presented its plans for the European Corporate Sustainability Due Diligence Directive as part of the omnibus legislation.