According to the organization’s calculations, a special tax on “extra profits” from the largest companies in the G7 countries could bring in a total of 430 billion dollars.
According to Oxfam, the situation is serious: Against the background of the Ukraine war, global food prices have recently reached record levels. In addition, there is the climate crisis and the effects of the corona pandemic.
exacerbation of poverty
These would have exacerbated global inequality and poverty. Statistically, one person dies every 48 seconds in East Africa as a result of malnutrition.
“Hunger and poverty are the result of inequality and political inactivity,” criticized Hauschild. First of all, those people are affected who only have a low income. “For many it is now a matter of life and death.”
Appeal to the rich countries
The organization therefore addressed a number of demands to the representatives of the G7 states, who are meeting in Elmau, Bavaria, starting on Sunday. With the help of a one-time special tax of 90 percent on the extra profits of the largest companies in the G7 countries, 430 billion dollars could be raised for the fight against hunger and climate crises.
According to Oxfam, the G7 countries should make more money available for development aid: the previous contributions would have to be doubled, and a further 14 billion dollars would be needed. The organization warned that only 20 percent of the need of $46 billion for humanitarian work specified by the United Nations has been covered so far.
Relief through debt forgiveness
In addition, low- and middle-income countries should be relieved through debt relief, Oxfam said. In the next two years, the G7 countries should refrain from repaying their debts to these countries.
According to Oxfam, there is also a lot of catching up to do when it comes to climate targets: the industrialized countries still missed their declared goal of providing 100 billion dollars a year for climate protection in poorer countries. Oxfam therefore called for more support for low-income countries as well as more ambitious reduction targets and an earlier phase-out of coal.
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