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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. 

Europe needs ambitious targets and concrete policies to cut emissions and tacke the climate crisis, said Oxfam at the occasion of EU heads of state and governments meeting for a European Union summit in Brussels today.

South Africa has today tabled its climate action plan for Paris, committing to put a lid on rising emissions through to 2030. How low they are able to plateau will depend on international support meaning so climate finance will be key to unlock greater ambition, says Oxfam.

In “Powering the Transition,” Oxfam details how together, the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank are investing almost $5 billion in fossil fuels in the 10 Asian countries that belong to the Climate Vulnerable Forum.

Ministers must deliver on their climate finance promises and support a second wave of attack on corporate tax cheats if their Lima meeting is to succeed, said Oxfam today. 

EU environment ministers again acknowledged the importance of financial support for climate action in poor and vulnerable countries in the Paris climate agreement, but they must invest in the Green Climate Fund, says Oxfam.

The sector must recognize coal is a dinosaur technology that needs to be pushed into extinction if we are to survive.

Europeans may still be forced to buy biofuels made from food crops until 2030, as a result of the deal struck by EU member states and the European Parliament this morning on the Renewable Energy Directive (RED II), Oxfam said.

This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.