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Overcoming inequality and slowing global warming are imperative for achieving a world free from poverty and suffering, says an Oxfam report released today.

The 1,000 richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic, reveals a new Oxfam report today. ‘The Inequality Virus’ is being published on the opening day of the World Economic Forum’s ‘Davos Agenda’. 

Oxfam’s Nicolas Mombrial said:

When the G20 meets in Seoul in November 2010, it has a big choice to make.

The G7 have made a stuttering start on climate but have largely neglected the plight of people living in poverty, said Oxfam at the close of the annual leaders’ summit in Germany today.

Extreme wealth evokes images of both deserving entrepreneurs and fat cats. This paper explores whether the meritocracy argument stands up as a defence of extreme wealth. 

Despite millions of people being pushed into hunger and poverty, 143 countries — including 94 developing nations — are implementing policy measures that undermine governments’ capacity to provide healthcare, education and social protection.   

At the end of the G20 Summit in Rome, Italy, Oxfam panned the lack of bold and effective action from the world leaders at such an important moment in the global response to the COVID-19 pandemic. 

The study builds on existing literature on levels and trends of inequality in Uganda to gather evidence on how inequality manifests itself and how it affects different people across different social, political and economic strata. 

Commenting at the close of the EU council meeting where leaders agreed on a new EU 2030 climate target and discussed the EU’s response to the Covid-19 pandemic, Evelien van Roemburg, head of Oxfam’s EU advocacy office said: "The new, more ambitious, EU 2030 target still falls short of what is needed and what is fair. The EU must take urgent practical steps to deliver above and beyond this target."