Press releases

At the ECOFIN meeting today, EU Finance Ministers have failed to provide a clear answer to what Europe will do to ensure climate finance does not fall off a cliff once Fast Start F

The conflict in Tigray compounded by climate-fueled locust infestations and coronavirus has left millions of people in desperate need of humanitarian aid yet access to those affected continues to be restricted, warned Oxfam today. 

Claims today have surfaced that Europe will fall €200 million short of its previous pledge to raise €2.4bn to help poor countries cope with climate change in 2010, and by as much as €357 mi

A report on how to raise the billions of dollars needed by millions of poor people already affected by climate change must help jump start the delivery of climate financing.

Through analysing climate finance provided to 37 fragile and conflict affected states (FCAS) in 2019-20, we find that the scale of finance going to these contexts is far below
what is needed, at an average of 13.64 USD per person per year, and much of it is of poor quality. Despite being responsible for a small proportion of emissions, in 2019-20, over half of the climate finance for FCAS came in the form of debt-creating instruments such as loans, and almost one-tenth was provided as non-concessional loans.

On the term “abatement” appearing in the final text regarding the phase out of fossil fuels, Oxfam International’s Climate Change Policy Lead Nafkote Dabi said: “Abatement linked to fossil fuel phase out is a gift served on a silver platter to the fossil fuel industry they will gladly seize to dodge any commitments. It is a dangerous trick that will have catastrophic impacts on communities who are already in a vulnerable position due to climate breakdown.

 

In “Powering the Transition,” Oxfam details how together, the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank are investing almost $5 billion in fossil fuels in the 10 Asian countries that belong to the Climate Vulnerable Forum.

Oxfam will support the Voice2Paris global storytelling contest launched in August by the United National Development Programme (UNDP) by providing three additional fellowships for participating journalists to cover the UN Conference on Climate Change, COP21, in Paris in December.

Oxfam and the United Nations World Food Program (WFP) announced they are seeking $28 million from public and private investors for their ground-breaking five-year partnership to help poor rural people protect their crops and livelihoods from the impact of climate change.