00:00Fossil fuel emissions are expected to fall this year.
00:02The findings were presented at the COP31 climate summit held in the Turkish city of Antalya.
00:09Global carbon emissions are predicted to drop by about 0.4% compared to last year.
00:14And that fall has been attributed to fossil fuel shortages from the Iran war,
00:19as well as the expansion of renewables.
00:22Juliet Mann is in Turkey for us.
00:24Juliet, a big push from the host, Turkey, for international governments to sign a pledge
00:29to electrify 35% of the global economy by 2035.
00:35The host putting a lot of faith in this pledge.
00:38How is it landing with the countries listening to all of that
00:41and perhaps feeling the worst of climate change?
00:47Well, with caution, I would say.
00:50You've got countries like the Pacific Island nations
00:53who are pushing for a plan to phase out fossil fuels.
00:58They want a clear plan.
00:59And then you have a lot of the African countries who say,
01:01do you know what, what we really need is money to adapt.
01:05So these are countries who are already facing the ravages of climate change
01:08and they want money for flood defences and for seawalls
01:11and for drought-proof farms and things like that.
01:14So when they look at this electrification pledge,
01:17they're thinking, hang on a minute,
01:18it doesn't say that that extra power needs to come from clean energy.
01:22It could just as easily come from oil and from gas and from coal.
01:27And that really matters to the countries which are already paying the price
01:31for some of the climate crisis that are happening at the moment.
01:34And Oxfam says that the ones who are being the most affected
01:37are the ones who have the least.
01:40If you think about what's happened in West Africa, in Nepal, with all those awful floods.
01:44Now, Nepal has been able to get a chunk of that new climate damage fund, $20 million.
01:50That's less than 1% of what the damage costs.
01:54Let's bring in Mariana Pauli from Oxfam.
01:56And let's talk about all of this now.
01:59You are the global policy and advocacy lead at Oxfam International.
02:03So this is an issue, isn't it?
02:06Some of the nations want more money.
02:08They want the conversation to be about climate finance.
02:11Finance, money is essential to move all tracks of the negotiations here.
02:16Poor countries have done the least of the most affected.
02:19And they need the money to adapt.
02:21They need the money to deal with the disasters.
02:23And they need the money to transition to a clean energy future.
02:28But without the finance that developed countries need to provide,
02:33it is in the Paris Agreement, it is in the negotiations,
02:37then this just won't happen.
02:39And that's what is at stake here at COP.
02:41Okay.
02:42But where's that money going to come from?
02:45It's about political will.
02:47Rich countries, they need to fulfill their pledges.
02:51They can provide public, ground-based finance at scale if they tax the super-rich.
02:57We know that the billionaires accumulated more than $1 trillion in one year alone.
03:04They can tax polluting companies, fossil fuel companies,
03:08that have gained huge profits with the crisis, with the conflict happening in the Middle East.
03:15So it is possible.
03:17It's about political will.
03:18And a lot more revenue can be raised through taxation in a progressive way.
03:22Now, much of the climate money for developing economies comes as loans.
03:27I mean, that's an issue, isn't it?
03:28You know, other countries hit the hardest paying twice.
03:31It is true.
03:32Most of the money is coming in the form of loans.
03:34In fact, Oxfam's Shadow Report has shown that only a couple of years ago,
03:40only 30, 35 million came, a billion came in the form of grants, the vast majority in loans.
03:47We know how much developing countries are already indebted, unless the debt crisis is addressed.
03:53They won't be able to borrow more.
03:56So climate finance is an issue of economic justice.
03:59So we need more grants finance.
04:01Otherwise, the debt problem will only get worse.
04:05Oxfam have come to this COP with a long list of demands.
04:08I have to be honest with you, though.
04:09They look just like the demands from the last COP and the one before and the one before that.
04:12What makes you think that COP31 here in Antalya is the one that's going to make a difference?
04:18What makes a difference is the political will.
04:21COPs can deliver.
04:23They are the right space to move that agenda forward.
04:26It's the right space where actually all the developing countries can have a voice to participate.
04:30What we need is developed countries to show up, and we have the Leaders Summit coming soon,
04:36and to show the money and to put action where their mouth is.
04:40Thank you very much, Mariana Paoli from Oxfam.
04:43So show us the money.
04:44That's the message here from Oxfam.
04:46Let's make it a fairer and a more equitable COP.
04:50The move might change, though, Jamie.
04:53The leaders, world leaders, are all arriving over the next couple of days for the Leaders Summit.
04:57Let's just see if the conversation moves away from electrification pledges
05:00to some real money on the table, turning those pledges into action.
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