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The UNFCCC report on climate finance says that between $340 and $650 billion in finance for climate action is flowing globally with $40-175 billion going to developing countries each year. This report on climate finance makes one thing abundantly clear: only a small proportion of climate finance is flowing from developed countries to developing countries.

Oxfam welcomes the World Bank and IMF’s recognition of the powerful and catalyzing impact of fairer tax systems in reducing poverty, inequality and promoting growth. But the two institutions need to provide more clarity on their proposal.

The package of measures announced by governments attending the anti-corruption summit in London today will not stop tax cheats, said Oxfam. Politicians from over 40 countries, along with World Bank and IMF representatives, attended the conference.

Ahead of the virtual G20 Summit tomorrow, Chema Vera, Oxfam International’s Interim Executive Director, urged G20 leaders to act boldly and across borders to save millions of lives.

"This report shows world leaders are still failing to address the climate crisis —our planet is currently on track for a catastrophic global temperature rise of 2.5°C. Scientists are clear: it’s now or never to limit global warming to 1.5°C. Climate change is causing suffering across the world, and it will continue to do so. People are already being pushed from their homes, and are facing hunger and drought, floods, and other climate-induced disasters.”

In response to economist Gabriel Zucman’s report on taxing the ultra rich submitted to G20, Oxfam International’s Tax Policy Lead Susana Ruiz said: “All G20 countries should support Brazil’s push to secure the first-ever global deal to tax the super-rich." 

A High Level Panel to explore new ways of raising $100 billion a year to help poor countries adapt climate change and reduce their emissions was launched by the prime ministers of the UK and Ethiopia and the UN Secretary General today.

Oxfam International is participating at the 9th World Social Forum in Belém, Brazil to help tackle the combined effects of the global economic crisis, rising food prices, and the effects of climate change in developing countries.

China is expected to shortly submit its Intended National Determined Contribution (INDC) following a statement earlier by Chinese Premier Li Keqiang. China will lay out plans to peak its emissions and commit to delivering 20 per cent of its energy with non-fossil fuel sources by around 2030. Oxfam believes this could help catalyze action against climate change globally.Tim Gore, Oxfam's international climate adviser, said: "China’s announcement to set ambitious goals to reduce emissions and increase renewables is welcome. No other major economy has embarked on such a rapid…

The European Commission risks betraying the Paris climate agreement by suggesting that Europe is doing enough to tackle runaway climate change, says Oxfam.