climate finance

The needs of people living in poverty and suffering from the effects of climate change were mostly put aside at the “One Planet” climate change summit in Paris.

Tuesday’s climate summit in Paris must boost the financial support going to help poor communities adapt to climate change. The Paris Agreement promised rich governments would mobilize $100 billion per year by 2020, with a "balance" between funding for emission cuts and climate adaptation needs. However, the adaptation pledges have fallen short.

Oxfam welcomes the fast-track ratification of the Paris climate agreement by the EU. Now, EU governments have to show their practical commitment to protect people and the planet from global warming.

Climate change is a brutal reality confronting the world’s most vulnerable people. Their need for financial support to adapt to climate extremes is urgent and rising.

“There is still a long way to go: this is crunch time. The chance to set new funding targets from when the Paris deal comes into force in 2020 is still very much on the table and needs to stay there if developing countries are to have any hope of more support in the years ahead."

There is likely to be a climate deal in Paris. The emission pledges that more than 150 governments have put on the table this year show that global climate ambition is increasing. In this briefing Oxfam looks at potential game-changers on finance and mitigation ambition that could avert these costs for the world’s poorest people.

At the Annual Meetings of the World Bank and the IMF in Peru this week, moves to help combat inequality and climate change were announced, but G20 finance ministers failed to adequately address the skewed international tax system, said Oxfam today.

Oxfam welcomed reports of increased climate finance pledges made by finance ministers in Lima today, but warned that only a fraction is meant to help countries most vulnerable adapt to the devastating effects of climate change.

The joint US-China statement on new domestic policy commitments and a vision for a global climate change deal underscores the importance the world’s two largest emitters place on solving the climate crisis, says Oxfam, but collective action is needed.