Bold action on climate and recession needed from finance ministers

Poznan, Poland: International agency Oxfam called on finance ministers to undertake a concerted effort to address climate change and treat the climate crisis at least as seriously as they have treated the economic crisis, for which they quickly mobilized trillions of dollars.

“This is the time for bold action to achieve the triple win of climate security, energy security, and poverty reduction around the world,” said Phil Bloomer, senior Oxfam spokesperson.

Finance ministers are meeting in Warsaw today on the sidelines of the UN Climate Change Conference in Poznan, Poland.

"We are likely to recover from the financial crisis, but we are not likely to recover from a climate crisis unless urgent action is taken now," said Bloomer. ”The response to the double threat of climate change and global recession must create an economic stimulus that de-carbonizes our economies and delivers poverty reduction in the face of global recession.”

Stepping up our efforts to invest in clean technology and climate resilience is not only necessary, but it is a good way to respond to the economic crisis, as it would likely create substantial economic stimulus and job creation.

"Poor people around the world have been hit hard by both the food price and the financial crisis, leaving them less room to invest in climate adaptation measures," said Bloomer. "The current financial crisis makes it even more important for finance ministers to rise to the challenge of worsening vulnerabilities: economic, environmental, and humanitarian.”

Oxfam called on the finance ministers from industrialized countries to ensure their governments come to the Poznan summit with the resources necessary to address the needs of developing countries for adaptation and mitigation. Climate change has been created by rich countries and now, rich countries must provide "adequate, predictable, sustainable and additional" finance for the post-2012 regime.

“Hanging in the balance are the lives and livelihoods of millions of the poorest people, they must not be left to cope on their own,” said Bloomer.