climate finance

Oxfam response to the COP29 climate finance agreement, in which rich countries agree to mobilize $300 billion a year to help Global South countries cope with warming temperatures and switch to renewable energy. 

Oxfam response to the latest climate finance draft text (22 November 2024) at COP29.

Climate activists today added a dramatic twist to the COP29 summit with a live game show called Make Polluters Pay. As the United Nations climate finance negotiations entered their final days in Baku, activists took center stage at the summit conference venue. Dressed as fossil fuel executives, they theatrically shoveled fake "money" into a symbolic Loss and Damage Fund, highlighting the urgent need for rich countries to pay up on climate finance.

Oxfam's reaction to the latest climate finance draft text at COP29. 
 

Global climate activists today gathered at Baku’s Olympic stadium —the venue for the United Nations climate talks— to urge world leaders to commit to a new, ambitious climate finance deal. The message “Pay Up!” unfolded across the stadium seats, in perfect sight from the COP29 presidency offices located on the opposite side of the arena. 

In October 2024, Oxfam published “Climate Finance Unchecked,” a report diving into a significant oversight in the World Bank’s climate finance record-keeping. Specifically, the Bank’s method estimates climate finance only at the time projects are approved, with no assessment of climate finance when projects close. This might not seem like a big deal, but it’s common for projects to change during implementation —for example, adjustments to budgets, timelines and objectives. We’ve put together a short FAQ to explain what we found and why it matters.

Fifty of the world’s richest billionaires on average produce more carbon through their investments, private jets and yachts.

Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C. 

Rich countries have again effectively short-changed low- and middle-income countries as part of international climate change negotiations by as much as $88 billion in 2022, the latest year of newly reported figures, says Oxfam.

In response to the outcome of the June UN Climate Meetings (SB60) in Bonn, Germany, Nafkote Dabi, Oxfam International’s Climate Change Policy Lead, said: "This year’s climate talks felt like treading water in a rising tide, with the world’s biggest economies failing to act with the urgency this crisis demands. Rich countries continue to shirk their responsibilities in contributing their fair share to the global effort to reduce carbon pollution."