climate breakdown

Fifty of the world’s richest billionaires on average produce more carbon through their investments, private jets and yachts.

Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C. 

Rich countries have again effectively short-changed low- and middle-income countries as part of international climate change negotiations by as much as $88 billion in 2022, the latest year of newly reported figures, says Oxfam.

Responding to the G7 communiqué published today, Oxfam International’s Head of Inequality Policy Max Lawson, said: “Talking about taxing the super-rich for the first time in their 50-year history was the thin silver lining in a big black cloud of G7 failure for people living in poverty.” 
 

In response to the outcome of the June UN Climate Meetings (SB60) in Bonn, Germany, Nafkote Dabi, Oxfam International’s Climate Change Policy Lead, said: "This year’s climate talks felt like treading water in a rising tide, with the world’s biggest economies failing to act with the urgency this crisis demands. Rich countries continue to shirk their responsibilities in contributing their fair share to the global effort to reduce carbon pollution."

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. 

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.”   
 

The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years.

The richest 1 percent of the world’s population produced as much carbon pollution in 2019 than the five billion people who made up the poorest two-thirds of humanity, reveals a new Oxfam report today. It comes ahead of the UN climate summit in Dubai, amid growing fears that the 1.5°C target for curtailing rising temperatures appears increasingly unachievable.