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At the Annual Meetings of the World Bank and the IMF in Peru this week, moves to help combat inequality and climate change were announced, but G20 finance ministers failed to adequately address the skewed international tax system, said Oxfam today.

Oxfam commended the World Bank for connecting the need to tackle climate change with the urgent fight to end poverty. In a new report, the Bank warned that more than 100 million additional people could be pushed into poverty by crop failures, floods, hunger, and other shocks caused by climate change. 

The World Bank’s new assessment on the scale of finance needed to help developing countries adapt to the unavoidable impacts of climate change – $75-100bn per year on average from 2010-2050 – is a vital and timely contribution to the current climate negotiations under way in Bangkok.

The World Bank and the International Monetary Fund cannot allow political and economic shocks to hijack their ambitions to combat climate change and curb inequality, warned Oxfam.

This briefing sets out Oxfam’s challenge to world leaders who fail to resolve conflicts, permit warring parties to ignore International Humanitarian Law, and do everything possible to keep the world’s refugees and displaced people from their doors.

Oxfam welcomes today's World Bank report 'Clima

The G20 leaders’ summit has made welcome progress in tackling the refugee crisis while also taking tentative steps towards addressing the gap between rich and poor. However, the G20 has done little to build momentum toward an ambitious climate deal.

Welcoming the publication of the World Bank report, Turn Down the Heat: Climate Extremes, Regional Impa

As global greenhouse emissions continue to rise, and climate change wreaks more havoc upon the people and places least responsible for the problem, rich polluting countries are now three years overdue on their promise to mobilize $100 billion a year in climate finance for low- and middle-income countries.

The World Bank’s 'Turn Down the Heat: Confronting the New Climate Normal' report delivers a troubling new assessment of the impact climate change is having on food security, water resources and ecosystems. It warns that without action heat waves and other weather extremes that occur once every hundred years, if ever, would become the new climate normal putting millions of people at risk.