Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Contact

Annie Thériault in Peru, annie.theriault@oxfam.org
Kai Tabacek in the UK, ktabacek1@oxfam.org.uk

Press Release

Roadmap Confirms Rich Nations Will Meet $100 Billion Climate Finance Target Later Than Promised: Oxfam Reaction

WASHINGTON -

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. This shortfall, which started to accumulate in 2020, will likely amount to several tens of billions of dollars. These are achievable amounts of money — governments have spent trillions on COVID-19 fiscal recovery packages, which show their ability to act in an emergency. This is an emergency. 
 
“This roadmap also provides no robust commitment to increase the share of finance for adaptation, or to provide more support in the form of grants rather than loans. It is unacceptable that poorer countries that have done little to cause the climate crisis are being forced to take out loans to protect themselves from surging climate disasters like droughts and storms. 
 
“It is difficult to verify the timeline presented in this plan because it does not reveal the underlying data and assumptions. Instead, it relies on the self-reporting of donor countries which allows them to grossly over-estimate the value of the support they provide. Oxfam has previously estimated that the finance targeted specifically at actions to combat climate change may be as little as a quarter of what is reported.  
 
“With the COP26 climate talks just a week away, time is running out for rich nations to build trust and deliver on their unmet target. This raises the stakes in Glasgow where wealthy governments must agree to more stringent reporting standards, on ensuring climate finance is directed to the right places and on a plan beyond 2025.” 

###

Oxfam International is a global movement of people who are fighting inequality to end poverty and injustice. We are working across regions in about 70 countries, with thousands of partners, and allies, supporting communities to build better lives for themselves, grow resilience and protect lives and livelihoods also in times of crisis.

In Raid of Trump Home, FBI Was Seeking Classified Nuclear Weapons Documents

"The criminal who stole top secret nuclear documents is the same one who had absolute authority to order a nuclear attack at any time."

Jake Johnson ·


Docs Show DHS Watchdog Delayed Telling Congress About Deleted Secret Service Texts

The Project on Government Oversight says the records reveal a pattern of Inspector General Joseph Cuffari "rejecting proposals to inform Congress about the Secret Service's resistance to oversight."

Jessica Corbett ·


'Dictatorship Never Again': Massive Pro-Democracy Protests Sweep Brazil

"Democracy involves changing the government and eliminating neo-fascism," said one prominent protester, "but above all, ensuring that the working class, the people, have the rights guaranteed in the Constitution."

Brett Wilkins ·


'Door to Real Progress': Jayapal Makes Case for House Passage of the IRA

"It's an achievement we can all feel excited about—especially when we dig into the details," said the chair of the Congressional Progressive Caucus.

Julia Conley ·


Officers Kill Gunman Who Tried to Breach FBI Office in Ohio

Though the suspect's identity and potential motivations are not known, the attack follows fear of far-right retaliation for this week's federal search of former President Donald Trump's home.

Jessica Corbett ·

Common Dreams Logo