income inequality undermines growth and both organizations have attempted to tie their loans to programmes that limit the growth of inequality. Members of the richest 1% are estimated to use as much as 10,000 times more carbon than the average US citizen. Oxfam said world leaders should learn from countries such as Brazil, which has grown rapidly while reducing inequality. Stocking said: “We need a global new deal to reverse decades of increasing inequality. As a first step, world leaders should formally commit themselves to reducing inequality to the levels seen in 1990.” She said closing tax havens, which the Tax Justice Network says hold as much as $31 trillion, or as much as a third of all global wealth, could yield $189bn in additional tax revenues.