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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.

G20 countries spend far more subsidizing the coal and oil industry than developed countries provide in adaptation finance to poor and vulnerable countries.

Today, the European Commission published its proposal for the next EU Multiannual Financial Framework (MFF). The MFF will determine the architecture and the financial amounts of the EU’s budget for the next seven years (2021-2027).Oxfam’s Policy Advisor, Hanna Saarinen, said:“The proposal shows that the EU is abandoning its ambition to be the global leader in international development. The EU is more concerned with pushing its own agenda than delivering on its commitments to the sustainable development goals. Despite increasing the amount of funds allocated…

“The G20 reiterated previous commitments to reduce inequality, boost the participation of women in work and phase out inefficient fossil fuel subsidies. The G20 said they would draw up a proper response to the refugee and migrant challenge next year, which is too late. The world needs urgent action now, not more words.”

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. 

Oxfam leaders, experts, and partners will be in New York for the UN General Assembly with a focus on the SDGs, inequality, climate, access to healthcare, humanitarian issues, and more. Oxfam is a global organization that fights inequality to end poverty and injustice and will bring this focus on inequality (Goal 10) and how it intersects with the entire 2030 agenda.

Despite being largely responsible for the worsening climate crisis in East Africa, rich nations paid Ethiopia, Kenya, Somalia, and South Sudan just $2.4 billion in climate-related development finance in 2021, in stark contrast to the $53.3 billion East Africa says it needs annually to meet its 2030 climate goals.  

Ten of the world’s worst climate hotspots – those with the highest number of UN appeals driven by extreme weather events – have suffered a 123% rise in acute hunger over just the past six years, according to an Oxfam report published today.

In response to the G20 communique, Oxfam says: ‘The G20 has failed to meet the huge challenges our world faces. They continue to stumble away from taking the bold actions necessary to tackle poverty, inequality, and climate change after an uninspiring and underwhelming Summit in India this weekend.” 

Unresolved rigged tax rules and privatized development are the major drawbacks of the UN Financing for Development Conference outcome, says Oxfam.