COP27: Loss and damage fund a monumental win, but more action needed to prevent catastrophic climate change

Responding to the final communiqué of the COP27 climate talks in Sharm El-Sheikh, Gabriela Bucher, Oxfam International’s Executive Director, said:

"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.

“Given the urgency on the ground, the fund must be operationalised as soon as possible. Rich countries largely responsible for warming our planet should immediately mobilise substantial new and additional resources to pay for climate-related damage in vulnerable countries.

“In East Africa, nearly 40 million people are experiencing climate-induced hunger. Recent catastrophic floods in Pakistan have inflicted more than $30 billion in damages and economic losses and left 10 to 12 percent of the country’s land area under water, affecting more than 33 million people. The list of extreme weather events and disasters is growing, as are the devastating impacts on communities.”

A failure to commit to action to prevent catastrophic warming

Responding to the final communiqué of the COP27 climate talks in Sharm El-Sheikh, Gabriela Bucher, Oxfam International’s Executive Director, said:

“While we applaud the establishment of the loss and damage fund, we remain deeply concerned about countries' failure to agree on an equitable and urgent phase-out of all fossil fuels. The world is on track for a catastrophic 2.8°C of warming.

“Rich countries, especially the US and those in the EU, have failed to use their power and resources to meet their fair share of responsibility and their moral and legal obligations. Rich countries and many middle-income countries that have the ability to do so are not transitioning away from fossil fuels fast enough to keep warming below 1.5°C, leading to more losses, damages and suffering. Rich countries are not providing the necessary finance to support developing countries to leapfrog to renewable energy.”

Broken promises on climate finance

Responding to the final communiqué of the COP27 climate talks in Sharm El-Sheikh, Gabriela Bucher, Oxfam International’s Executive Director, said:

“Rich countries have broken their $100 billion climate finance promise and successfully blocked language at COP27 that would have required them to compensate for earlier shortfalls through increased climate finance in subsequent years. Climate finance is needed in the trillions for adaptation and mitigation. Given their responsibility for the climate crisis, rich countries at least could have provided a clear roadmap on how to deliver the $600 billion they had promised between 2020 and 2025.”

Tackling inequality should have been centre stage but wasn’t

Responding to the final communiqué of the COP27 climate talks in Sharm El-Sheikh, Gabriela Bucher, Oxfam International’s Executive Director, said:

“We are also dismayed by the discussions to enhance the Gender Action Plan, which was at the heart of the UNFCCC processes for gender-responsive climate action. Gender was only marginally mentioned, if at all, in the climate talks’ decisions.

“The climate crisis is about inequality and injustice. Communities at the frontlines of the climate crisis are bearing the heaviest brunt of climate-induced disasters, in addition to multiple crises including conflict, loss of livelihoods, and economic shocks. World leaders must push political differences aside and put the needs of these communities first.”

Contact Information

Spokespeople are available for interviews.

Florence Ogola in Kenya | florence.ogola@oxfam.org | +254 715 115 042 and +254 733 770 522 

Ian Chamberlain in the UK | ichamberlain1@oxfam.org.uk | +44 7767 919 228