REACTION: Oxfam response to Prime Minister announcing the new UK climate goal at COP29

“We welcome the UK's ambitious target for reducing emissions and it is encouraging that the government has followed expert advice when committing to this target. But this is just a first step. As a country that built its wealth on fossil fuels and is aiming to be a global leader on climate, the UK can and should be doing much more.

“If the government really believes in doing its bit at home and abroad then it needs to step up on funds to properly support low-income countries dealing with the impacts of an escalating climate crisis they did little to cause.

“The UK must push for a global climate finance goal in the scale of trillions, but it must also show how it will generate its own share of new, fair finance to meet the urgent need. Private funding cannot be a replacement for increased public finance. There is no shortage of ways to raise funds by increasing taxes on the biggest and richest polluters. Ensuring that those polluting the most are paying their fair share is a crucial first step.”

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Notes to editors:

Oxfam recently calculated that fair taxes on private jets and superyachts in the UK could have raised up to £2 billion last year to help generate vital funds for communities suffering the worst impacts of climate change.

A YouGov poll for Oxfam showed that four in five Brits (81%) support increasing taxes on luxury transport – such as private jets and superyachts – to help raise vital funds to tackle the climate crisis. The poll also found that nearly half of the British public (45%) think the government should be doing more to address climate change in countries most affected by the crisis.

The survey also found almost two-thirds (64%) of the British public support increasing taxes on the wealthiest individuals in the UK to fund climate action, while three quarters (75%) of the public support increasing taxes on businesses in sectors that produce the most emissions.