Oxfam reaction to UN report on adaptation finance

Published: 2nd November 2023

In response to the United Nations Environment Program’s Adaptation Gap Report 2023, Nafkote Dabi, Oxfam International’s Climate Change Policy Lead, said: 

“The report underlines how the gap in adaptation funding —at its ‘highest ever’ amid accelerating climate breakdown— must be addressed with the utmost urgency next month in Dubai. Despite pledges made at COP26 in Glasgow to double adaptation finance to around $40 billion, funding to poorer countries has actually plummeted, leaving a gap of up to $366 billion per year this decade. That’s at least 90 percent of needs going unmet while exceptional heat and ferocious storms, wildfires and droughts are causing major damage to crops, people’s health and the environment, especially in the Global South.  

“Oxfam is calling on rich countries to provide adaptation finance based on needs and as grants to stop saddling those least responsible for the climate crisis with ever more debt.” 

Notes to editors

Governments will debate a new post-2025 climate finance target (New Collective Quantified Goal) to support poorer countries at COP28. A stated goal of the climate talks is to “fix climate finance.” 

Oxfam estimates between just $21-24.5 billion as the “true value” of climate finance provided in 2020, against a reported figure of $68.3 billion in public finance that rich countries said was provided (alongside mobilized private finance bringing the total to $83.3 billion). The global climate finance target is supposed to be $100 billion a year.

Contact information

Annie Thériault in Peru | annie.theriault@oxfam.org | +51 936 307 990

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