loss and damage

"The establishment of a loss and damage fund is a monumental achievement for vulnerable developing countries and communities at the frontlines of the climate crisis. They have been calling for funding to cope with the devastating impacts of climate change for over 30 years.

“As the COP27 enters the final crucial days, it is a shame that rich countries – especially the US – continue to reject calls from the G77 Group, representing 134 developing countries, for a loss and damage fund to be established here at COP27."

An average of 189 million people per year have been affected by extreme weather-related events in developing countries since 1991 – the year that a mechanism was first proposed to address the costs of climate impacts on low-income countries - according to a new report published today.

Ten of the world’s worst climate hotspots – those with the highest number of UN appeals driven by extreme weather events – have suffered a 123% rise in acute hunger over just the past six years, according to an Oxfam report published today.

The G7 must pursue windfall taxes on excess corporate profits including from those making huge returns from surging food and energy prices. The revenues can be used to fund an end to global hunger and to tackle climate change, says Oxfam.

The amount of money needed for UN humanitarian appeals involving extreme weather events like floods or drought is now eight times higher than 20 years ago — and donors are failing to keep up, reveals a new Oxfam brief today. For every $2 needed for UN weather-related appeals, donor countries are only providing $1.

As the latest draft COP26 text is published, Tracy Carty, head of Oxfam’s COP26 delegation said: “Here in Glasgow, the world’s poorest countries are in danger of being lost from view, but the next few hours can and must change the course we are on. What’s on the table is still not good enough."

Responding to the latest draft of the COP26 decision text released earlier today, Tracy Carty, head of Oxfam's COP26 delegation said: "This draft text is still missing some vital elements."

Governments must build back better low carbon economies post the pandemic to avoid fuelling the climate crisis, warned Oxfam today ahead of the Petersberg Climate Dialogue on 6-7 May. The virtual meeting will bring together government ministers from across the globe to discuss international climate action ahead of this year’s critical UN summit COP26 in autumn.

Communities hit by climate-related disasters may have to wait even longer for help since negotiations at COP23 are failing to make meaningful progress on “loss and damage” finance.