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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. 

The World Bank’s new assessment on the scale of finance needed to help developing countries adapt to the unavoidable impacts of climate change – $75-100bn per year on average from 2010-2050 – is a vital and timely contribution to the current climate negotiations under way in Bangkok.

The World Bank and the International Monetary Fund cannot allow political and economic shocks to hijack their ambitions to combat climate change and curb inequality, warned Oxfam.

Oxfam welcomes today's World Bank report 'Clima

Ahead of the G20 Summit in Rome, Italy, Oxfam calls on G20 leaders to take urgent action to dramatically scale up manufacturing and access to COVID-19 vaccines around the world, promote a fair economic recovery, fight hunger, lower dangerous greenhouse gas emissions, and help the poorest countries adapt to the climate change already happening.

At the end of the G20 Summit in Rome, Italy, Oxfam panned the lack of bold and effective action from the world leaders at such an important moment in the global response to the COVID-19 pandemic. 

A new report from the UN’s High-level Advisory Group on Climate Change Financing (AGF) makes it crystal clear that raising the public money to help poor countries build resilience to climate change is possible without putting the squeeze on taxpayers.

Welcoming the publication of the World Bank report, Turn Down the Heat: Climate Extremes, Regional Impa

The fact that the IMF is proposing that adaptation efforts are funded by grants rather than loans is positive. But this will only work if developed countries ensure the money is there to resource this vital assistance to vulnerable countries.