coal

In “Powering the Transition,” Oxfam details how together, the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank are investing almost $5 billion in fossil fuels in the 10 Asian countries that belong to the Climate Vulnerable Forum.

After years of campaigning by Oxfam and others, the International Finance Corporation announced it will require new financial intermediary clients to publicly disclose their links to coal and will work with them to reduce and potentially drop these investments.

The sector must recognize coal is a dinosaur technology that needs to be pushed into extinction if we are to survive.

The joint US-China statement on new domestic policy commitments and a vision for a global climate change deal underscores the importance the world’s two largest emitters place on solving the climate crisis, says Oxfam, but collective action is needed.

Negotiators avoided a show-down over crunch issues like finance and increasing near term emissions cuts, but they are only delaying the inevitable. A clearer mandate from Heads of State and ministers is needed to ignite the talks and ensure key questions are answered.

Oxfam is deeply disappointed by Japan’s lack of ambition.  Setting a draft target of 26% emissions reduction below 2013 levels (18% below 1990 levels) by 2030 is woefully inadequate.