climate finance

The European Union is failing to give full details about its €7.2 billion pledge for immediate climate finance needs in developing countries. By not being fully transparent, the EU is undermining trust with developing countries.

The fact that the IMF is proposing that adaptation efforts are funded by grants rather than loans is positive. But this will only work if developed countries ensure the money is there to resource this vital assistance to vulnerable countries.

Oxfam welcomes the new European Commission proposals for advancing climate talks. However, while the EC has highlighted emissions reduction loopholes in the Copenhagen Accord, it has ignored major loopholes on climate finance.

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.

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.