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The economies of the G7 nations could see an average loss of 8.5 percent annually by 2050 ―equivalent to $4.8 trillion― if leaders do not take more ambitious action to tackle climate change, according to Oxfam’s analysis of research by the Swiss Re Institute. Oxfam is calling on G7 leaders, who are meeting in the UK later this week, to cut carbon emissions more quickly and steeply.

The World Bank's $200bn climate investment announcement at the UN Climate Conference COP24 is welcome, but must be new money that can help tackle poverty.

Just hours before the UN climate talks taking place in Durban (South Africa) wrap up, Oxfam Global Ambassador and photographer Helena Christensen urges ministers to agree a deal which delivers for the world’s poorest people who are already suffering from the impact of climate change.

Details of the World Bank’s climate finance flows to developing countries are being poorly disclosed and may be hiding discrepancies and allowing for dubious claims, according to a new report by Oxfam.

EU environment ministers again acknowledged the importance of financial support for climate action in poor and vulnerable countries in the Paris climate agreement, but they must invest in the Green Climate Fund, says Oxfam.

Oxfam is concerned that local and legislative elections in Burundi have been held in a climate of tension and fear, evident in the city but also in some provinces outside. The elections have been marred by the absence of opposition parties and the independent media.

Rich nations today published a Climate Finance Delivery Plan claiming that it will take until 2023 to meet their commitment to mobilize $100 billion each year to support poorer nations to confront the climate crisis. In response, Jan Kowalzig, Senior Climate Policy Adviser at Oxfam said: “This plan claims that rich nations will meet their target three years late, but conveniently fails to mention the money that poorer countries are owed for every year they fell short."

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.”    

Today the European Commission presented its flagship European Green Deal. Oxfam welcomes the ambition of the deal to make Europe the first climate neutral continent, and to transform itself into a sustainable circular economy. However, it is vital that the European Green Deal ensures revision of Europe’s climate targets for 2030 in time for next year’s UN climate summit.

In response to the G20 communique, Oxfam says: ‘The G20 has failed to meet the huge challenges our world faces. They continue to stumble away from taking the bold actions necessary to tackle poverty, inequality, and climate change after an uninspiring and underwhelming Summit in India this weekend.”