A deal struck at the COP27 climate talks in Egypt calls for an overhaul of the post-World War Two international financial architecture that has guided three generations of development aid but is struggling to fund the needs of a warmer planet.
A security personnel stands guard next to the COP27 sign during the closing plenary at the COP27 climate summit in Red Sea resort of Sharm el-Sheikh, Egypt, November 20, 2022.
Avinash Prasad, climate adviser to the prime minister of Barbados, said the agreement reached in the early hours of Sunday had injected momentum into "a much bigger transformation of our global financial system". Mottley's suggestions include loans at lower interest rates from multilateral lenders such as the World Bank, changes to how ratings agencies assess risks to projects and increased use of International Monetary Fund reserve funds.
also urged the development banks and their shareholders to come to the banks' meetings early next year armed with plans to free up hundreds of billions of dollars that could release trillions of dollars more of private capital. Developed countries have yet to meet a 2009 pledge to provide $100 billion per year in climate finance to developing countries and last year the rich contributed just $83 billion.released during the U.N. talks estimated developing countries will need around $1 trillion a year by 2030 from development banks and private investors.in climate finance to low- and middle-income countries, a report from the lenders showed, alongside $13 billion from private investors.
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