Time is running out for ministers meeting in Paris to boost adaptation funding levels by 2020 and agree to set new improved finance targets for both adaptation and emissions reductions from when the Paris deal comes into force in 2020, Oxfam said today.
Oxfam commended the World Bank for connecting the need to tackle climate change with the urgent fight to end poverty. In a new report, the Bank warned that more than 100 million additional people could be pushed into poverty by crop failures, floods, hunger, and other shocks caused by climate change.
Oxfam said it is vital that governments return to the negotiating table before the new agreement takes effect from 2020 to strengthen pledges of emissions cuts and agree to new finance levels.
The chance of a successful Paris climate deal depends on rich countries showing they have kept their past commitments, especially the promise they made in Copenhagen to jointly mobilize $100bn of climate financing per year by 2020, warned Oxfam today.