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.
The EU position on climate finance for the Paris climate summit was adopted today by the EU Finance Ministers.
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.
South Africa has today tabled its climate action plan for Paris, committing to put a lid on rising emissions through to 2030. How low they are able to plateau will depend on international support meaning so climate finance will be key to unlock greater ambition, says Oxfam.
The European Commission today published – as part of its “summer package” – a legislative proposal to reform the EU Emissions Trading Scheme (ETS). The Commission has failed to use this key opportunity to help address a key stumbling block in the climate negotiations: the provision of predictable and additional climate finance.
Negotiators avoided a show-down over crunch issues like finance and increasing near term emissions cuts, but they are only delaying the inevitable. A clearer mandate from Heads of State and ministers is needed to ignite the talks and ensure key questions are answered.