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The economies of the G7 nations could see an average loss of 8.5 percent annually by 2050 ―equivalent to $4.8 trillion― if leaders do not take more ambitious action to tackle climate change, according to Oxfam’s analysis of research by the Swiss Re Institute. Oxfam is calling on G7 leaders, who are meeting in the UK later this week, to cut carbon emissions more quickly and steeply.

Nearly 90% of Somalia is now in a severe drought, following three consecutive failed rain seasons. Some areas facing their driest season in 40 years. Nearly 3.5 million people are already acutely food insecure and millions more are now at risk of going hungry by the beginning of next year.

Today's report from the Organisation for Economic Co-operation and Development (OECD) on climate finance confirms that far too much of the climate finance from governments and development banks is in the form of loans that force poorer nations to fall further into debt, says Oxfam.        

A year and a half since the Covid-19 pandemic began, deaths from hunger are outpacing the virus. The worst is still yet to come unless governments urgently tackle food insecurity and its root causes head on. We need action to create fairer, more resilient and sustainable ways of feeding the world.

Cyclone Eloise, which recently hit Sofala province central Mozambique, compounded by covid-19 and the economic fallout from previous climate-fuelled disasters, has crippled people's ability to recover, and left over 260 thousand people in desperate need of humanitarian aid, said Oxfam.

Members of the Disaster Emergencies Committee (DEC) are warning governments meeting at the UN climate talks in Warsaw that the devastating super typhoon that struck the Philippines is a glimpse of the future if urgent action is not taken.

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."

Leaders must heed climate strikes and give vulnerable people the tools to survive.

     

Today the European Commission presented its flagship European Green Deal. Oxfam welcomes the ambition of the deal to make Europe the first climate neutral continent, and to transform itself into a sustainable circular economy. However, it is vital that the European Green Deal ensures revision of Europe’s climate targets for 2030 in time for next year’s UN climate summit.