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When the G20 meets in Seoul in November 2010, it has a big choice to make.

Suspending debt owed to rich countries is only one piece of the puzzle. Rich private banks and investors should be pushed to cancel debts by enforcement and not left to voluntary action, said Oxfam today in response to the announcement that the G20 has agreed to suspend debt repayment of the poorest countries.

Over a decade ago, developed countries committed to mobilize $100bn per year by 2020 to support developing countries to adapt and reduce their emissions. The goal is a critical part of the Paris Agreement. As 2020 draws to a close, Oxfam’s Climate Finance Shadow Report 2020 offers an assessment of progress towards this goal.

Last year poor people around the world endured the consequences of the food and energy price crisis.

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. 

Responding to the United Nations Framework Convention on Climate Change’s (UNFCCC) updated NDC Synthesis Report, Oxfam France’s Advocacy Manager Armelle Le Comte said: “This confirms we are still dangerously off track from limiting global warming to the vital 1.5°C limit. The climate clock is ticking ever closer to midnight and COP26 now needs to be a planetary crisis meeting. Governments need to agree to revise their climate plans more regularly to get us back on track. Remedial action is desperately needed now —there is no later or better time."

The study builds on existing literature on levels and trends of inequality in Uganda to gather evidence on how inequality manifests itself and how it affects different people across different social, political and economic strata. 

As the Earth Day Summit concluded, Oxfam applauded President Biden for convening world leaders in an effort to increase global climate ambition, lower emissions, and build resilience. However, more action is needed to avert dangerous climate change impacts that are already disproportionally harming those who are most vulnerable.

Commenting at the close of the EU council meeting where leaders agreed on a new EU 2030 climate target and discussed the EU’s response to the Covid-19 pandemic, Evelien van Roemburg, head of Oxfam’s EU advocacy office said: "The new, more ambitious, EU 2030 target still falls short of what is needed and what is fair. The EU must take urgent practical steps to deliver above and beyond this target."

Development Finance International and Oxfam have produced the first index to measure the commitment of governments to reducing the gap between the rich and the poor.