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Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is not being properly tracked due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C. 

The amount of untaxed wealth hidden offshore by the richest 0.1 percent exceeds the entire wealth of the poorest half of humanity (4.1 billion people), reveals new Oxfam analysis published today ahead of the 10th anniversary of the Panama Papers. The findings show that, a decade later, the super-rich continue to exploit offshore systems to evade taxes and conceal assets, highlighting the urgent need for coordinated international action to tax extreme wealth and end the use of tax havens.

Millions of Africans live in extreme poverty, and are now hit hard by the global economic and climate crisis. Sub-Saharan Africa alone is expecting losses of up to $245 billion this year as a result of the global slump, which is almost seven times the amount it receives in global aid.

The richest 1 percent of the world’s population produced as much carbon pollution in 2019 than the five billion people who made up the poorest two-thirds of humanity, reveals a new Oxfam report today. It comes ahead of the UN climate summit in Dubai, amid growing fears that the 1.5°C target for curtailing rising temperatures appears increasingly unachievable.

This year, Oxfam leaders, experts, and partners are joining the UN 79th General Assembly, Summit of the Future, and Climate Action week in New York, hosting and attending events focused on UN Security Council Reform, gender, digital rights, inequality, climate action, and humanitarian issues.

Oxfam leaders, experts, and partners are joining the UN 79th General Assembly, Summit of the Future, and Climate Action week in New York, hosting and attending events focused on UN Security Council Reform, gender, digital rights, inequality, climate action, and humanitarian issues. They will be urging global leaders to take bold decisions and action as they deliberate on the pressing issues of our time.

Research published by the International Consortium of Investigative Journalists today shows that multinational corporations are using the tax haven of Mauritius to avoid paying millions of dollars of tax across Africa.

International climate talks (in Bonn, Germany 1 – 12 June) must ensure that a climate finance proposal meets the needs of the world’s most vulnerable countries, and negotiations must move forward quickly if a global deal is to be secured in time to avoid a human catastrophe.

Fifty of the world’s richest billionaires on average produce more carbon through their investments, private jets and yachts.

Dr Aruna Rao, Chair of the Oxfam International Board, said today:  “Oxfam International Executive Director Gabriela Bucher has been offered a new leadership challenge in the field of human rights and it is with regret that I share that she will be leaving Oxfam on 30 April 2023. Gabriela will head up the The Fund for Global Human Rights, headquartered in Washington DC.