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Oxfam welcomed the launch of a new website by the Dutch Minister of the Environment today (faststartfinance.org) which aims to collect and present details about climate finance pledges from developed countries.

Over a decade ago, developed countries committed to mobilize $100bn per year by 2020 to support developing countries to adapt and reduce their emissions. The goal is a critical part of the Paris Agreement. As 2020 draws to a close, Oxfam’s Climate Finance Shadow Report 2020 offers an assessment of progress towards this goal.

Governments must build back better, low carbon, economies in the wake of the coronavirus to avoid fuelling the climate crisis, warned Oxfam today ahead of the Petersberg Climate Dialogue on 27 – 28 April. The virtual meeting will bring together government ministers from across the globe to discuss international climate action. 

EU environment ministers could break through the dominance of China and the US that prevented progress at the Tianjin climate talks by making key decisions on climate finance when they meet in Luxembourg today, says international agency Oxfam.

Observers at UN Climate talks in Lima have called for strong and clear rules relating to climate finance after a scandal shows Japan is claiming funds to a coal-power plant as being ‘green.'

The fact that the IMF is proposing that adaptation efforts are funded by grants rather than loans is positive. But this will only work if developed countries ensure the money is there to resource this vital assistance to vulnerable countries.

The UNFCCC report on climate finance says that between $340 and $650 billion in finance for climate action is flowing globally with $40-175 billion going to developing countries each year. This report on climate finance makes one thing abundantly clear: only a small proportion of climate finance is flowing from developed countries to developing countries.

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.

Jan Kowalzig, Oxfam’s climate policy advisor, responds to the release of new figures on the climate finance provided to developing countries by rich countries in the Organisation for Economic Cooperation and Development (OECD).

World leaders could make significant progress toward a climate fund for developing countries when the United Nations Climate Change Conference (UNCCC) resumes talks in Tianjin , China.