Diplomacy & Crisis News

By Oxfam
BRUSSELS, Belgium, Jun 3 2026 (IPS)

Governments are falling 90 percent short of adaptation finance targets and leaving people in climate-vulnerable communities drastically under-equipped to cope with the devastating impacts of climate change, Oxfam warns ahead of Bonn climate talks (8-18 June).

According to the Organization for Economic Cooperation and Development (OECD), as of 2024, governments mobilized $31 billion in adaptation finance – around 90 percent short of the $310 billion to $365 billion projected needs for developing countries by 2035. To bridge this gap, rich countries would have to increase their adaptation financing tenfold.

The total climate finance of $137 billion reached in 2024 is also just a fraction of what countries need to transition away from fossil fuels. This shortfall highlights a stark global inequality, that those who have done the least to cause the climate crisis are being hit by the heaviest damage and short-changed from the funding promised to help them deal with it.

People living across the Global South, women, girls and Indigenous groups are overwhelmingly bearing the costs of environmental devastation.

Meanwhile, super-rich corporations and individuals — largely based in the Global North — have seen their wealth skyrocket. The profits of the six biggest fossil fuel corporations are projected to hit $94 billion in 2026, continuing to attract mega-investors. Almost 60 percent of billionaire investments are classified as being in high climate impact sectors, such as mining or oil and gas corporations.

“For too long, governments have coddled a super-rich elite whose huge emissions and dirty investments in polluting industries are throttling climate action. At Bonn, leaders must tackle this unequal concentration of wealth and power. It’s time to make rich polluters pay, and channel that wealth into accessible, participatory climate finance in a way that reaches the communities who need it most,” said Mariana Paoli, Oxfam International’s Climate Lead. 

Recent polling commissioned by Oxfam across seven countries found that approximately two-thirds (68 percent) of the public support increasing taxes on the profits of large oil and gas corporations to help fund a fair transition to renewable energy.  

Oxfam urges governments to: 

• Slash the emissions of the super-rich and make the richest polluters pay, through taxation on extreme wealth, excess profits taxes on fossil fuel corporations, and a carbon capital levy on investments in polluting sectors. 
• Remove the financial barriers blocking a Just Transition by cancelling debt, phasing out fossil fuel subsidies and overhauling a financial architecture systemically skewed against Global South countries. 
• Substantially increase climate finance to support communities on the frontlines of the climate crisis. This means fulfilling the $300 billion annual target agreed at COP29, including tripling funding flows specifically for adaptation, and substantially increasing resources to address loss and damage. 

Footnote
According to the OECD, in 2024, wealthy countries mobilized $137 billion in total climate finance to support climate action in low- and middle-income countries. Of this, $102 billion came in the form of public finance, mostly as loans. Public finance for adaptation amounted to $32 billion.

The UNEP Adaptation Gap Report 2025 calculates that the cost of adaptation finance needed in low- and middle-income countries is $310 billion per year in 2035, when based on modelled costs. When based on extrapolated needs expressed in Nationally Determined Contributions and National Adaptation Plans, this figure rises to $365 billion a year.

Oxfam research finds that six of the biggest fossil fuel companies (Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies) are projected to earn $2,967 a second in profits in 2026. Download the methodology note.

“Climate Plunder: How a powerful few are locking the world into disaster”, the executive summary and the methodology note. The report is also available in Spanish, French and Portuguese.

The global poll, conducted by market research company Norstat in April 2026, gathered responses from people in seven countries (UK, France, Brazil, Turkey, Australia, the Netherlands and Colombia).

The polling also showed that support for taxing oil and gas corporations to fund the renewable energy transition crossed party lines. In six of the countries, there were more far-right respondents who supported such a tax, than those who opposed it.

IPS UN Bureau

 

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