In response to yesterday’s adoption of Japan’s Intended N
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.
Oxfam is deeply disappointed by Japan’s lack of ambition. Setting a draft target of 26% emissions reduction below 2013 levels (18% below 1990 levels) by 2030 is woefully inadequate.
Coal plants in the G7 are on track to cost the world $450 billion a year by the end of the century and reduce crops by millions of tons as they fuel the gathering pace of climate change.
Coal is the single biggest driver of climate change - responsible for one third of all CO2 emissions since the industrial revolution. With these climate impacts falling disproportionately on the most vulnerable and least food secure, the burning of coal is further exacerbating inequality.
The UNFCCC report on climate finance says that between $340 and $650 billion in finance for climate action is flowing globally with $40-175 billion going to developing countries each year. This report on climate finance makes one thing abundantly clear: only a small proportion of climate finance is flowing from developed countries to developing countries.
The World Bank’s board today gave the green light for an energy strategy which will limit its financing of coal-fired power plants to “rare circumstances” reflecting the lender’s increased focus on
Oxfam International Executive Director Winnie Byanyima said:
“Oxfam welcomes this high-level push for transparency and accountability in the oil and mining sector.