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The shipping industry can do more to tackle climate change and raise billions of dollars to help poor countries cope with its devastating impact. A major meeting of the IMO – the international shipping regulators – is starting in London today.

The European Union’s suggestion today of global public financing worth €22-€50 billion per year for developing countries to tackle climate change falls short of what is needed.

On the eve of Climate Finance Day, an international finance event held annually in Paris, BNP Paribas – the number one financier of fossil fuel expansion in Europe and fifth in the world - was given three months to comply with the French duty of vigilance law. This legal action was taken by the NGOs Oxfam France, Friends of the Earth France and Notre Affaire à Tous. This is the first step towards an unprecedented climate litigation case - the first in the world to target a commercial bank for its high-risk activities in the oil and gas sector.

The Group of Seven (G7) countries are set to slash their aid spending by 28 percent for 2026 compared to 2024 levels.

Over a quarter of a billion more people could crash into extreme levels of poverty in 2022 because of COVID-19, rising global inequality and the shock of food price rises supercharged by the war in Ukraine, reveals a new Oxfam brief today. 

722 of the world’s biggest corporations together raked in over $1 trillion in windfall profits each year for the past two years amid soaring prices and interest rates, while billions of people are having to cut back or go hungry. 

Responding to the WTO’s published ‘outcome’ of negotiations over a waiver of Trade-Related aspects of Intellectual Property (TRIPS), Max Lawson, Head of Inequality Policy for Oxfam and co-chair of the People's Vaccine Alliance, said: "This text is a recognition that WTO rules on intellectual property are a clear barrier to ensuring people get the vaccines, tests, and treatments they need. It is a tragedy that it has taken almost two years and millions of deaths to reach this point and a travesty that the action proposed today falls well short of what is needed."

“The growing global trend of aid cuts is alarming. Donors must ensure there is enough aid so Syrians can rebuild their lives - both now and in the long-term. Syrians themselves must be at the forefront of all discussions on their country’s future. The peace process must be led by Syrians and inclusive of all groups.” 

The gap between where companies pay tax and where they really do their business is huge, as shown by new research described in this briefing.

Reducing the impacts of disasters on poor people is absolutely vital. Climate/disaster risk financing could play a useful role if it is part of an approach that includes risk reduction, if it strengthens social protection, and if it has real participation from civil society.