Oxfam reaction to IPCC’s Synthesis Report

“It is outrageous that despite the past eight years being the warmest on record and following six IPCC reports, 27 UN climate change summits, governments like the UK continue to encourage the oil and gas industry to drill deeper and wider for fossil fuels while the companies rake in record profits.

“The science shows that limiting global heating to 1.5°C is still possible —but only just. Unless we pull the emergency brake on polluting emissions, once in a lifetime heatwaves, storms, droughts and floods will continue to become more frequent. People living in poverty are already bearing the brunt of these climate-induced crises with a rise of just 1.1°C, including the devastating hunger crisis happening now in East Africa.

“Urgent funds for climate action and deep cuts to emissions are needed —not just by the richest countries, but also by the wealthiest individuals and corporations. Rich countries most responsible for the climate crisis must pay their debt to poorer countries by providing sufficient money for addressing loss and damage, adaption and a just energy transition to a low carbon economy.

“Endless adaptation to climate change is not possible —we need a fast and equitable phase-out of fossil fuels now. Every fraction of a degree of heating prevented will be counted in millions of lives saved.”

Ends

Notes to editors

According to the World Meteorological Organization (WMO), the past eight years were the warmest on record globally, fueled by ever-rising greenhouse gas concentrations and accumulated heat.

Big Oil more than doubled its profits in 2022 to $219 billion, more than the GDP of many countries. According to Janus Henderson Investors, the dividends of oil and gas producers totaled $151.8 billion in 2022. The IEA reports that $472 billion was invested in renewable power in 2022. (151.8/472)*100 equals 32.2 percent.