There is likely to be a climate deal in Paris. The emission pledges that more than 150 governments have put on the table this year show that global climate ambition is increasing. But much more is needed, as it’s a deal that could still lead to around 3°C of warming.
New Oxfam-commissioned research estimates that compared with 2°C, developing countries could be faced with an additional $600 billion per year in economic losses by 2050, and see their adaptation finance needs raised by almost $300 billion per year by the same date.
But there is still scope for a stronger deal. In this briefing Oxfam looks at potential game-changers on finance and mitigation ambition that could avert these costs for the world’s poorest people. These are the issues that over the next two weeks will determine whether the Paris deal reflects the power of the biggest fossil fuel emitters and elites, or is a turning point which starts to address the needs of the poorest and most vulnerable.