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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.

Responding to the publication of the IPCC’s Working Group II report assessing climate change impacts, adaptation and vulnerability, Oxfam’s Climate Policy Lead Nafkote Dabi said: "This catalogue of pain, loss and suffering must be a wake-up call to everyone. The poorest who have done the least to contribute to climate change are suffering the most and we have a moral responsibility to help those communities adapt."

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.

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.

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. 

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.

Fair tax regimes are vital to finance well-functioning states and to enable governments to uphold citizens’ rights to basic services, such as healthcare and education.

Millions of poor and vulnerable people face hunger and poverty this year and next because of record global temperatures, droughts and erratic rains in 2014 and 2015, compounded by the development of possibly the most powerful El Niño on record.

In this briefing Oxfam presents new data analysis that demonstrates the extent of global carbon inequality by estimating and comparing the lifestyle consumption emissions of rich and poor citizens in different countries.