"The 100 billion U.S. dollars promise is an iconic reference point in global climate negotiations. Countries have haggled over it for years. But for people on the front lines of the climate crisis, this abstract number has made little to no difference in their lives," said Oxfam Executive Director Winnie Byanyima.

"The COP20 Summit in Lima will set the stage for success or failure in Paris. We need clear commitments of climate finance, focused on what developing countries actually need," Byanyima said. "Vague promises won't help people to adapt to the harmful effects of climate change, or help countries to pursue cleaner paths to growth and development."

COP20 negotiations will be key

Following this year from the Ban Ki-moon Climate Summit and the Green Climate Fund pledging conference, COP 20 is the most significant negotiation before the Paris talks. Recent political announcements, including a deal between China and the U.S. on promised emissions cuts have offered new political momentum to the negotiations.

A large portion of climate finance is expected to be channeled through the Green Climate Fund. Its mandate is to support developing countries to reduce greenhouse gas emissions, preparing for the unavoidable impacts of climate change and growing in a sustainable way. Two weeks before COP 20 the fund reached the bare minimum level of initial capitalization it needs to get off the ground with pledges totaling just under 10 billion U.S. dollars so far. Several countries are yet to pledge, including Australia and Austria, Ireland and Belgium.

"Millions of people came together in New York and other cities around the world in September to demand action on climate change. They understand that action on climate means new green jobs, secure food supplies, and a future for all," said Byanyima. "Now is the time for our leaders to step up and lead", she said.

"These talks are not the endpoint. They are milestones on a journey that will take decades. But the talks in Lima can -- and must put us on the right track for Paris and beyond", she added.