Oxfam Australia has called the new global climate finance goal smoke and mirrors, responding to the COP29 climate finance agreement, in which wealthy countries agreed to mobilise USD$300 billion per year by 2035 to support low-income countries cope with climate change impacts and switch to renewable energy.

Oxfam Australia Policy and Advocacy Lead, Josie Lee, Policy and Advocacy said:

“There will be no new money in this climate finance goal. Like the last goal, it allows wealthy countries who have caused the climate crisis to achieve the goal through rebadged aid budgets and non-concessional loans. It’s a shameful failure to take responsibility and to hold big polluting corporations responsible, and it will only hurt the most vulnerable.

“This meaningless goal will push countries and communities that have done little to cause the climate breakdown, but are experiencing the brunt of the impacts, into debt and greater hardship. There is no honour in it.

“We cannot achieve the sustainable development goals to eradicate poverty if we are taking from the aid budget to meet the new and escalating challenge of climate change-fuelled disasters. But that’s exactly what Australia and other wealthy countries are doing.”

“Australia and other wealthy countries did not even support loss and damage being included in the new climate finance goal, which was the number one ask of Pacific communities. It’s no wonder our Pacific family is saying they feel insulted and that the process has shown contempt for the world’s most vulnerable.”