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What is the IMF doing in practice to tackle inequality? Its main initiative has been a series of pilots that integrate inequality analysis into its economic surveillance of countries. This paper outlines Oxfam’s evaluation of these pilots and finds that they are not promoting policies that reduce inequality.

Following Oxfam’s January report revealing that just 85 people owned the same wealth as the bottom half the world’s population, Forbes has updated its “billionaires' list”, showing that extreme inequality has worsened– just 67 people at the top now own half the wealth.

As the UN General Assembly kicks off again this year, Oxfam’s experts and partners are available to speak to their work focused on the People’s Vaccine for COVID-19, the climate crisis - including climate finance, and a number of pressing humanitarian crises. 

In response to the decision by the European Court of Human Rights (ECHR) in the Grand Chamber’s first-ever climate-related cases (Verein KlimaSeniorinnen Schweiz and Others v. Switzerland, Duarte Agostinho and Others v. Portugal and Others, and Carême v. France), Evelien van Roemburg, Head of Oxfam’s European Union office said: “European judges have ruled that a government’s failure to do enough to reduce national greenhouse gas emissions violates its population’s human rights. This is a positive step and allows people to require their governments to put in place effective climate regulations and carbon budgets. But the judges did not challenge Switzerland’s decision to give itself almost three more decades to reach net zero emissions, even though people around the world are being harmed now by the climate crisis.”    

New Oxfam research shows that four pharmaceutical corporations – Abbott, Johnson & Johnson, Merck & Co (MSD), and Pfizer – systematically hide their profits in overseas tax havens. This activity could deprive developing countries of more than $100 million every year – money that is urgently needed to meet the health needs of people in these countries.

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

New Oxfam estimates show that 263 million more people could be pushed into extreme poverty in 2022, due to the combined impact of COVID-19, inequality and food and energy price inflation – accelerated by the war in Ukraine. Without urgent and bold national and international action, inequality and poverty will deepen, with poorer countries – many of which face looming debt crises – pushed deeper into poverty.

Global greenhouse gas (GHG) emissions are set to rise by 10.6% by 2030 instead of falling by the 45% needed to limit the increase in global temperature to 1.5 °C. The G20 countries are the worst and most-responsible offenders, says Oxfam.

“The postponement should not delay urgently needed action on climate change which is already increasing poverty and suffering around the world", said Danny Sriskandarajah, Oxfam GB Chief Executive, in response to the announcement that the UN Climate Summit is being pushed back to November 2021 ―a year after it was originally scheduled. 

Long-term approaches to reduce food insecurity must be found, and climate change, which is super-charging the effects of El Niño, must be tackled at the UN climate conference in Paris and beyond.