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The European Union is rumored to be preparing just a token handout for climate action in poor countries for the next three years, with no guarantee that this money is going to come on top of existing aid commitments.

Europe needs ambitious targets and concrete policies to cut emissions and tacke the climate crisis, said Oxfam at the occasion of EU heads of state and governments meeting for a European Union summit in Brussels today.

The European Commission risks betraying the Paris climate agreement by suggesting that Europe is doing enough to tackle runaway climate change, says Oxfam.

The revision of the EU’s Emission Trading Scheme (ETS) offers a unique opportunity to increase transparency and predictability of climate finance from the EU and its Member States by establishing a mechanism that automatically directs a portion of the ETS revenues as additional international climate finance. 

Oxfam welcomes the new European Commission proposals for advancing climate talks. However, while the EC has highlighted emissions reduction loopholes in the Copenhagen Accord, it has ignored major loopholes on climate finance.

“The G20 reiterated previous commitments to reduce inequality, boost the participation of women in work and phase out inefficient fossil fuel subsidies. The G20 said they would draw up a proper response to the refugee and migrant challenge next year, which is too late. The world needs urgent action now, not more words.”

On Wednesday, the European Commission will put forward a communication outlining its stance on the global climate change talks aimed at reaching a deal by world leaders by the end of the year.

Today’s proposal by the European Commission to cap support for biofuels made from food crops at 5% of the demand for energy in transport sends a welcome but long overdue message to markets

Joint Media Reaction by Oxfam, CAN Europe, APRODEV, CIDSE

The G7 have made a stuttering start on climate but have largely neglected the plight of people living in poverty, said Oxfam at the close of the annual leaders’ summit in Germany today.