Paris agreement

The richest 1 percent of the world’s population produced as much carbon pollution in 2019 than the five billion people who made up the poorest two-thirds of humanity, reveals a new Oxfam report today. It comes ahead of the UN climate summit in Dubai, amid growing fears that the 1.5°C target for curtailing rising temperatures appears increasingly unachievable.

The investments of just 125 billionaires emit 393 million tonnes of CO2e each year – the equivalent of France – at an individual annual average that is a million times higher than someone in the bottom 90 percent of humanity.

Responding to the publication today of the IPCC’s Working Group III report on climate change mitigation, Oxfam’s Climate Policy Lead Nafkote Dabi said: “This IPCC report pulls no punches. It’s not about taking our foot off the accelerator anymore —it’s about slamming on the brakes. A warming planet is humanity’s biggest emergency."
 

By 2030, the richest 1% are on course for an even greater share of total global emissions than when the Paris Agreement was signed. Tackling extreme inequality and targeting the excessive emissions linked to the consumption and investments of the world’s richest people is vital to keeping the 1.5⁰C Paris goal alive.

The carbon footprints of the richest 1 per cent of people on Earth is set to be 30 times greater than the level compatible with the 1.5°C goal of the Paris Agreement in 2030, according to new research out today. It comes as delegates grapple with how to keep this goal alive at the COP26 meeting in Glasgow.

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.

In reaction to the UNFCCC NDC Synthesis report launched today, Oxfam's Global Climate Policy Lead, Nafkote Dabi, said: “Today’s report findings are appalling. The combined climate plans submitted account to a dismal 1% emissions reduction, far below the 45% reduction needed to limit global warming below 1.5 degrees, and avoid disastrous impacts on vulnerable communities."
 

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.

The United States’ withdrawal from the Paris Agreement is an indefensible, pointless and morally bankrupt capitulation that will only serve to weaken the global effort to combat the climate crisis, Oxfam said.

The G7 should not allow the US to block more ambitious climate action, said Oxfam today, ahead of a meeting of G7 Environment Ministers in Metz, France on 5th and 6th May.