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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

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

As global greenhouse emissions continue to rise, and climate change wreaks more havoc upon the people and places least responsible for the problem, rich polluting countries are now three years overdue on their promise to mobilize $100 billion a year in climate finance for low- and middle-income countries.

The World Bank’s 'Turn Down the Heat: Confronting the New Climate Normal' report delivers a troubling new assessment of the impact climate change is having on food security, water resources and ecosystems. It warns that without action heat waves and other weather extremes that occur once every hundred years, if ever, would become the new climate normal putting millions of people at risk.

EU Finance Ministers today adopted a report on Europe’s progress towards its share of the $30 billion promised by rich countries at the 2009 Copenhagen climate summit to help poor countries

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.