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All countries must use the COP20 Summit in Lima to resolve the impasse over “climate finance,” and make success possible at the critical Paris talks in December 2015, says international agency Oxfam.

Progress achieved during the past two weeks at Bonn will come to nothing if developed countries don’t scale up their ambition. The mood has been more constructive but the disagreements that derailed the Copenhagen talks are still to be resolved.

The stark reality of climate change has highlighted the financial obligations rich polluting nations, especially in the global North, owe communities and countries most impacted and now unprepared to deal with the unavoidable cost of the climate crisis. East Africa is one of the world’s worst-hit regions by climate change and is now experiencing its worst climate-induced extreme weather, fuelling an alarming hunger crisis, despite contributing almost nothing to global carbon emissions. Over 31.5 million people are currently facing acute hunger across Ethiopia, Kenya, Somalia, and South…

In reaction to the UNFCCC NDC Synthesis report launched today, Oxfam's Global Climate Policy Lead, Nafkote Dabi, said: “Today’s report findings are appalling. The combined climate plans submitted account to a dismal 1% emissions reduction, far below the 45% reduction needed to limit global warming below 1.5 degrees, and avoid disastrous impacts on vulnerable communities."  

A High Level Panel to explore new ways of raising $100 billion a year to help poor countries adapt climate change and reduce their emissions was launched by the prime ministers of the UK and Ethiopia and the UN Secretary General today.

There has been an increase in international climate finance in the fight against climate change, according to a new OECD report, which Oxfam is encouraged by. 

Climate talks in June will go nowhere unless rich countries close the gap between what scientists and poor countries say is needed and what they are prepared to deliver warned international agency Oxfam, as negotiations came to a close in Bonn today.

In response to the launch by France and Kenya of an international taxation taskforce at COP28 to push for new levies to raise further money for climate action, Nafkote Dabi, Oxfam International’s Climate Change Policy Lead, said: “While the will to move the international tax agenda towards raising critical new funds for countries most affected by the climate crisis is welcome, the proposals being put on the table fall far short of what is needed. Taxing excess profits and the obscene wealth in the hands of the top 1% should be at the core of this initiative. That’s where the money is —and this is what is needed to help stop the runaway inequality that is fueling climate breakdown."

Oxfam called on the US to join Europe in laying its climate finance cards on the table as international climate talks opened in Barcelona today.

Oxfam said it is vital that governments return to the negotiating table before the new agreement takes effect from 2020 to strengthen pledges of emissions cuts and agree to new finance levels.