High-income nations are expected to fall US$75.0 billion short in their pledge to jointly mobilize US$100.0 billion a year in international climate finance from 2020 to 2025 to support most vulnerable countries’ adaptation to climate change, according to recent estimates released by Oxfam.
Canada is among the few countries to increase its climate finance pledge in recent months, but total funding commitments still fall short of closing the gap. Oxfam estimates that wealthy governments will continue to fall short of the US$100.0 billion goal and reach between US$93.0 - US$95.0 billion per year by 2025, five years after the expected completion date.
While climate change could trigger economic losses exceeding more than double those experienced during the COVID-19 pandemic, the climate crisis is not addressed with the same urgency as the COVID-19 crisis. For instance, Canada has invested over CA$397.0 billion (US$315.1 billion) in COVID-19 response measures since January 2020, while pledging just CA$5.3 billion (US$4.2 billion) over five years in climate finance.
With the UN COP26 climate talks just over a month away, Oxfam Canada and Oxfam Quebec are calling on wealthy countries to urgently increase their pledges for climate finance. Specifically, they are calling for at least 50% of pledged climate finance to support climate adaptation in low-income and climate-vulnerable countries. They are additionally asking for Canada to address its feminist principles by allocating targeted funding for local women’s rights and youth organizations undertaking gender- and youth-responsive initiatives.
Op-ed - Oxfam Canada