In response to the outcome of COP28, Oxfam International’s Climate Change Policy Lead Nafkote Dabi said:
“Everyone fighting against the global climate crisis has little to celebrate from this disappointing COP28. Its final outcome is grossly inadequate. Oil, coal and gas won again, but they had to struggle harder to do so and their era is nearing its end.
“COP28 was doubly disappointing because it put no money on the table to help developing countries transition to renewable energies. And rich countries again reneged on their obligations to help people being hit by the worst impacts of climate breakdown, like those in the Horn of Africa who have recently lost everything from flooding, after an historic five-season drought and years of hunger.
“Developing countries, and the poorest communities, are left facing more debt, worsening inequality, with less help, and more danger and hunger and deprivation. COP28 was miles away from the historic and ambitious outcome that was promised.”
Ashfaq Khalfan, Oxfam America’s Director of Climate Justice, added:
“United States negotiators got most of what they wanted – an outcome that mirrors U.S. plans to leisurely go to net zero emissions by 2050 despite the urgent need to rapidly phase out fossil fuels. An outcome that gives wealthy countries and Global South countries the same timelines and targets, with no additional money committed to support Global South. This outcome may be convenient for the U.S. government in the short-term, but it is not workable for the Global South who will not have the resources they need to secure access to renewable energy and to protect themselves from climate harms. Every country will ultimately be harmed by such short-sightedness.
“COP29 next year has a mandate to set a new international climate financing goal—it has the responsibility to fix the holes in the COP28 outcomes. It is critical that the administration play a constructive role in these discussions. And it is further critical that Congress funds the President’s $11.4 billion pledge to show that the U.S. can deliver on its promises. Similarly, COP28 set out only vague targets on how to adapt to climate change—these will need to be built upon in future COPs.
“In spite of these gaps, the outcome signals an end to the era of fossil fuels. U.S. financial institutions and investors must take notice and increase investments in renewable energy, including in the Global South. They must shift investment away from fossil fuel companies that have no short-term phase-out plan. Failing this, they can expect COP28’s outcomes to be shown in courts as evidence of where the world is going and how they are failing in their responsibilities to their shareholders.”
/ENDS