loss and damage

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

Water-related disasters forced people to flee from their homes nearly eight million separate times in 10 of the world’s worst-hit countries last year, with many having to move multiple times – a 120% increase compared to a decade ago, said Oxfam today. 

On the term “abatement” appearing in the final text regarding the phase out of fossil fuels, Oxfam International’s Climate Change Policy Lead Nafkote Dabi said: “Abatement linked to fossil fuel phase out is a gift served on a silver platter to the fossil fuel industry they will gladly seize to dodge any commitments. It is a dangerous trick that will have catastrophic impacts on communities who are already in a vulnerable position due to climate breakdown.

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."

In response to the COP28 decision to advance the establishment of a loss and damage fund, Lyndsay Walsh, Oxfam’s Climate Policy Advisor, said: “After 32 years of pressure and 27 COPs, we finally have a loss and damage fund. Despite the shortcomings in its structure, this is a very welcome step towards supporting people recovering from the severe and irreparable consequences of climate-fueled disasters. However, this isn’t the end of the journey."

As global greenhouse emissions continue to rise, and climate change wreaks more havoc upon the people and places least responsible for the problem, rich polluting countries are now three years overdue on their promise to mobilize $100 billion a year in climate finance for low- and middle-income countries.

Wealthy Group of Seven (G7) countries owe low- and middle-income countries $13.3 trillion in unpaid aid and funding for climate action, reveals new analysis from Oxfam ahead of the G7 Summit in Hiroshima, Japan.

2023 could be a turning point. A year when the world emerges from unprecedented crises, and governments deliver progressive reforms that build a brighter future for all, and for the planet.

But despite the dire economic situation facing the poorest countries today, and much political discussion of the trillions needed to tackle poverty, inequality and climate change, there is no indication that rich countries are willing to pay the true price of a fair and sustainable future. 

"The establishment of a loss and damage fund is a monumental achievement for vulnerable developing countries and communities at the frontlines of the climate crisis. They have been calling for funding to cope with the devastating impacts of climate change for over 30 years.

“As the COP27 enters the final crucial days, it is a shame that rich countries – especially the US – continue to reject calls from the G77 Group, representing 134 developing countries, for a loss and damage fund to be established here at COP27."