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Africa is facing a crisis of extreme inequality which is undermining growth, preventing poverty eradication and contributing to insecurity. This briefing paper shows that COVID-19 has deepened this crisis, and that the responses of African governments and international financial institutions are making little difference as debt burdens grow and austerity kicks in.

Today, African Union and European Union leaders discussed the global vaccine rollout and calls to support the current proposal at the World Trade Organization (WTO), tabled by India and South Africa and backed by 100 countries, to temporarily suspend intellectual property rules for COVID-19 vaccines, tests, and treatments.   

The human and economic cost of COVID-19 has been staggering, in terms of lives lost, human suffering, and economic damage. As we mark two years since the official pandemic was declared, we still have a chance to gain the upper hand on the virus, but only if everyone, everywhere has access to vaccines and treatments.

Today, the President of the European Commission, Ursula von der Leyen, proposed the introduction of a cap on revenues of companies producing electricity with low costs and a solidarity contribution from fossil fuel companies. The revenues from these unexpected profits will be directed to people and businesses to help them adapt to the recent increase in energy prices as well as to invest in clean home-grown energy sources.

The world has entered a new and dangerous era of climate change impacts, causing huge loss and damage and driving up inequality in the world’s poorest countries that have contributed least to the climate crisis. Yet, new research by Oxfam estimates that nearly half of funding requirements for UN humanitarian appeals linked to extreme weather have gone unmet.

Today, EU finance ministers again failed to agree on an EU minimum tax for multinational companies. This follows a deal struck at the international level to implement a global minimum tax. 

In reaction to the 2023 Somalia Humanitarian Response Plan published today, Oxfam Country Director in Somalia, Adil AlMahi, said: “With five failed rain seasons, Somalia is quickly moving towards what may be one of its worst humanitarian crises in recent history. People’s ability to cope has been stretched to a breaking point. They have nothing left to fall back on. 

Oxfam is releasing an online parody today of Alec Baldwin’s sales talk in the cult classic movie Glengarry Glen Ross, to highlight the issue of land grabs and their effect on poor people's lives.

National self-interest and brinkmanship must not be allowed to sabotage the Cancun climate talks and risk reversing the progress made over the past two weeks, warned Oxfam on the penultimate day of the increasingly volatile Summit.

The ‘climate deal’ on the table in Copenhagen today is a triumph of spin over substance says Oxfam International. The deal – which has been announced by the US, India, China and South Africa - has not been endorsed by the EU and many other countries.