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Rich nations today published a Climate Finance Delivery Plan claiming that it will take until 2023 to meet their commitment to mobilize $100 billion each year to support poorer nations to confront the climate crisis. In response, Jan Kowalzig, Senior Climate Policy Adviser at Oxfam said: “This plan claims that rich nations will meet their target three years late, but conveniently fails to mention the money that poorer countries are owed for every year they fell short."

Wealthy nations are expected to fall up to $75 billion short of fulfilling their long-standing pledge to mobilize $100 billion each year from 2020 to 2025 to help the most vulnerable countries adapt to the dangerous effects of climate change and reduce their emissions, according to estimates by Oxfam today.

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."

As the EU scales back its climate ambition, new Oxfam research reveals the stark carbon inequality in the EU: Europe’s wealthiest are increasing their emissions, while ordinary Europeans have made the biggest cuts. The report highlights three key findings: Europe’s wealthiest are burning through our climate budget: the richest 10% of Europeans produce as much carbon as the bottom 50% combined. Carbon cuts are driven by ordinary Europeans, while Europe’s elite keep polluting: emissions have fallen. The bottom 50% of Europeans reduced their emissions by 27%, while the richest 0.1% increased theirs by 14%. To stay on the 1.5°C pathway, the EU must tackle the excessive emissions of Europe’s richest: everyone must cut their emissions, but the richest must go much further. The research shows that, to stay within the 1.5°C limit, the bottom 50% would need to cut their emissions in half, the top 10% by 90%, the top 1% by 97%, and the top 0.1% by 99%. 2024 was the first year that average global temperatures exceeded 1.5°C above pre-industrial levels. Yet, since the European elections, the EU has scaled back its climate ambitions, failing to submit its climate plan before the COP30 deadline and watering down climate legislation in the name of simplification. Oxfam calls on the EU to ramp up its ambition for emission reduction, with measures aimed at Europe’s wealthiest, to avoid a climate catastrophe and reduce climate inequality.

Responding to the draft COP26 decision text, Tracy Carty, head of Oxfam’s COP26 delegation said: "This draft COP decision text is too weak. It fails to respond to the climate emergency being faced by millions of people now, who are living with unprecedented extreme weather and being pushed further into poverty."

The richest 1 percent have burned through their share of the annual global carbon budget —the amount of CO2 that can be added to the atmosphere without pushing the world beyond 1.5°C of warming— within the first 10 days of 2025, reveals new Oxfam analysis. 

South Africa has today tabled its climate action plan for Paris, committing to put a lid on rising emissions through to 2030. How low they are able to plateau will depend on international support meaning so climate finance will be key to unlock greater ambition, says Oxfam.

Ahead of COP30 in Belem, Brazil, new Oxfam research finds that the super-rich are blowing through the world’s remaining carbon budget.

Europe’s wealthiest are driving the bloc’s emissions while ordinary Europeans make the steepest cuts.

All countries must use the COP20 Summit in Lima to resolve the impasse over “climate finance,” and make success possible at the critical Paris talks in December 2015, says international agency Oxfam.