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It is shameful to see European banks again involved in a major global money laundering scandal. 

Today, the EU chose fuel over food in the provisional agreement reached on the Renewable Energy Directive (RED), the EU law that incentivises the burning of crops to fuel cars and trucks.

Thirty-two of the world’s largest companies stand to see their profits jump by $109 billion more in 2020 as the Covid-19 pandemic lays bare an economic model that delivers profits for the wealthiest on the back of the poorest, according to a new Oxfam report today.

Europe is facing unacceptable levels of poverty and inequality. This briefing paper reviews the current situation and presents recommendations to help put an end to poverty and extreme inequality in Europe.

On the eve of the G8 Summit, international agency Oxfam called on world leaders heading to Camp David to make predictable, measureable funding and policy commitments that will help 50 million people lift themselves out of poverty through sustainable, small-scale agriculture by 2015.

EU governments are losing out on a staggering 286.5 billion euros in revenue annually, equivalent to 33 million euros per hour, due to their failure to fairly tax Europe’s wealthiest. This amount, equivalent to Finland’s GDP, represents what a European wealth tax of up to 5 percent could raise every year, according to Oxfam’s analysis. 

Africa’s remarkable growth, driven in large part by a minerals and energy boom, is threatened by illicit capital outflows and widening income gaps.

Today, EU member states have proposed a spending increase of 10 percent in 2019 for the EU’s external policies compared to this year’s budget. However, governments are focusing on the wrong issues, Oxfam, Save the Children, DSW and IPPF EN say. The organizations argue a strong focus on human development is needed to counter increasing inequalities and make sure no one is left behind.

Russia’s absence from the G7 summit is a stark warning to Europe that political turmoil on its doorstep risks an energy price crisis, at the same time as the effects of climate change on food imports could drive up costs.

Today, the Development Assistance Committee of the Organisation for Economic Cooperation and Development (OECD DAC) published its preliminary figures on the amount of development aid provided in 2021.