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Global food prices will more than double within 20 years, as a new age of crisis forces the collapse of our global food system.

Today, the European Parliament voted in favour of an European Financial Transaction Tax (FTT), with 487 votes in favour out of 685.

New Oxfam analysis describes a $27 trillion black hole – accumulating at around $3.9 trillion a year to 2030 – that low-and-middle income countries face to meet climate-related loss and damages, adaptation, and mitigation measures, along with their health, education and social protection needs.

The international development agency said global food prices will more than double within 20 years as a new age of crisis forces the collapse of our broken global food system, said Oxfam today.

Commenting on the failure of EU Energy Ministers to reach agreement on EU biofuel policy today, Marc Olivier Herman, Oxfam’s biofuels expert said:

“Oxfam welcomes this new commitment; bringing down the price of storage is an important piece in making energy more accessible to poor communities and helps establish clean energy grids that low-carbon economies need," said Sasanka Thilakasiri, Oxfam’s energy policy lead.

The UN could drastically reduce the 24,000 deaths occurring daily around the world from hunger-related causes, provided countries agree that it coordinates all the different initiatives to fight hunger.

European energy ministers meeting in Brussels today agreed European drivers should be obliged to burn massive quantities of food crops in their fuel tanks until 2030. Anti-poverty organisation Oxfam and green group Transport & Environment (T&E) deplored this policy that would only benefit the biofuels industry and contribute to hunger and environmental damage.

Oxfam is calling for the EU and its member states to fundamentally change their approach to managing migration.

In response to President Biden’s nomination of former MasterCard and Nestlé executive, Ajay Banga, to the position of World Bank president, Christian Donaldson, Oxfam International’s senior policy advisor on international financial institutions, made the following statement: “While Mr. Banga may have extensive experience on Wall Street, we had hoped that President Biden would use this opportunity to ditch the old gentlemen’s agreement of World Bank and IMF appointments in favor of a more transparent and merit-based global process."