Oxfam reaction to EU progress towards climate finance for world’s poorest

EU Finance Ministers today adopted a report on Europe’s progress towards its share of the $30 billion promised by rich countries at the 2009 Copenhagen climate summit to help poor countries adapt to climate change and curb emissions between 2010-2012.

Lies Craeynest, Oxfam’s EU climate change policy advisor, said:

"On first sight it looks like European governments have done well on meeting their commitments to help poor countries cope with immediate climate change impacts. But they have done this mainly by re-labelling development aid as climate finance. The current Euro crisis shows that new sources, like a tax on financial transactions and a carbon charge on international shipping, could be an essential part of the solution."

"Major reports by Bill Gates, the World Bank and IMF stress that both a Financial Transaction Tax and a fair carbon price on shipping are technically feasible and would raise billions of fresh money to deal with the growing challenges of climate change in poor countries, whilst also tackling emissions from ships and sorting out the financial crisis."

“On the one hand, it is good news that EU member states have provided fewer loans, as climate cash must not increase developing countries' debt. But on the other hand, it is worrying that less money has been given to help poor countries adapt to climate change. Oxfam believes that half of the climate funds should go to adaptation. Poor people have done the least to cause the climate crisis but are bearing the biggest impact.”