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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.

Oxfam welcomes today's World Bank report 'Clima

Over a quarter of a billion more people could crash into extreme levels of poverty in 2022 because of COVID-19, rising global inequality and the shock of food price rises supercharged by the war in Ukraine, reveals a new Oxfam brief today. 

722 of the world’s biggest corporations together raked in over $1 trillion in windfall profits each year for the past two years amid soaring prices and interest rates, while billions of people are having to cut back or go hungry. 

The World Bank’s International Finance Corporation (IFC) has quietly divested from New Globe Schools, better known as Bridge International Academies (BIA), a for-profit school chain operating in four African countries and India. The IFC has invested $13.5 million in BIA since 2014, with the intention of supporting the company’s expansion to other countries.

The threat of “COVID famines” and widespread extreme hunger are setting off every alarm bell within the international community, but so far sluggish funding of the UN's appeal is hampering humanitarian agencies’ efforts to deliver urgent assistance to people in need.

At the close of the World Bank and International Monetary Fund’s Spring Meetings in Washington, Chris Stalker, Acting Head of Oxfam International’s Washington office, commented on the week's developments.

Ministers must deliver on their climate finance promises and support a second wave of attack on corporate tax cheats if their Lima meeting is to succeed, said Oxfam today. 

In reaction to the coronavirus pandemic reaching 1 million confirmed cases, Oxfam interim Executive Director Chema Vera, said today: "This is a grim milestone that must spur the international community to take immediate action. We must tackle this pandemic with single-minded determination, and as one."

In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.