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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.

Global climate finance levels are woefully insufficient to keep warming below 1.5°C or protect people from the devastating impacts of climate breakdown —and this gap is particularly evident in countries mired in conflict or that are unable to provide basic services for their communities. 

“While this report provides helpful information on various actions to advance the climate finance agenda, it fails to boost confidence that developed countries will make significant and swift progress on meeting their commitment to provide $100 billion annually, over 2020-2025 to assist poor countries. The report would have been an ideal moment for developed countries to spell out how they will compensate for missing the $100 billion mark earlier through additional climate finance in subsequent years. Also, it lacks a robust roadmap as to how they’re going to double adaptation finance by 2025, something they agreed to at COP 26.”

The true value of money provided by developed countries to help developing nations respond to the climate crisis may be just a third of the amount reported, according to Oxfam estimates published today.

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

Progress achieved during the past two weeks at Bonn will come to nothing if developed countries don’t scale up their ambition. The mood has been more constructive but the disagreements that derailed the Copenhagen talks are still to be resolved.

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.

In reaction to the UNFCCC NDC Synthesis report launched today, Oxfam's Global Climate Policy Lead, Nafkote Dabi, said: “Today’s report findings are appalling. The combined climate plans submitted account to a dismal 1% emissions reduction, far below the 45% reduction needed to limit global warming below 1.5 degrees, and avoid disastrous impacts on vulnerable communities."  

A High Level Panel to explore new ways of raising $100 billion a year to help poor countries adapt climate change and reduce their emissions was launched by the prime ministers of the UK and Ethiopia and the UN Secretary General today.