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As global greenhouse emissions continue to rise, and climate change wreaks more havoc upon the people and places least responsible for the problem, rich polluting countries are now three years overdue on their promise to mobilize $100 billion a year in climate finance for low- and middle-income countries.

On the shape of the new 2015 climate agreement being negotiated this week, Tracy Carty, Oxfam Climate Change Policy Adviser, said:

The European Commission published today a paper on how to raise the $100 billion per year pledged by rich countries at last year’s UN climate talks in Cancun to help poor countries protect

Responding to the latest finance text that came out today, international climate change policy adviser Tim Gore said:  

In response to the outcome of the June UN Climate Meetings (SB60) in Bonn, Germany, Nafkote Dabi, Oxfam International’s Climate Change Policy Lead, said: "This year’s climate talks felt like treading water in a rising tide, with the world’s biggest economies failing to act with the urgency this crisis demands. Rich countries continue to shirk their responsibilities in contributing their fair share to the global effort to reduce carbon pollution."

Oxfam has today warned that the $100billion a year pledged by rich nations to help fight climate change could fail the poorest people, if recent moves to deliver climate cash as loans continue.

Norway's announcement of $230 million USD welcomed, but still a long way to go to reach the Fund's unofficial goal of $10 billion.

Governments must move quickly at this year’s first UN climate change meeting to plug the gaping deficit of funds to help developing countries adapt to climate change and lower their emissions.

This paper suggests a new approach that recognizes the failings of the current climate finance regime and is better informed by needs and opportunities at the national level.

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.