COP29 must deliver more than “threadbare promises”: Oxfam

In response to the latest climate finance draft text at COP29, Oxfam International’s Climate Justice Lead, Safa’ Al Jayoussi, said:

“COP29 must do more than simply repeat the same threadbare promises. Rich countries have spent decades now stalling and blocking genuine progress on climate finance. This has left the Global South suffering the most catastrophic consequences of a climate crisis they did not create. The draft text scandalously misses the crucial element of declaring a clear public commitment to a new climate finance goal.  

“Rich countries, those most responsible for climate chaos, owe $5 trillion in annual climate debt and reparations. This funding must come as grants-based public financing to help communities that need it the most mitigate and adapt to the impacts of climate change and recover from loss and damage. Anything less will simply be a failure. 

She emphasized that the current climate negotiations and COP are a credibility test, with rich countries failing to deliver on their commitments. She argued that this is an obligation under international law, ensuring the protection of frontline communities, enabling their rebuilding post-disasters, and ensuring a sustainable future. She warned that stalling could lead to a history of profit over people and complacency.