Debt-laden low-income countries risk "defaulting on development" as soaring debt repayments hamper their ability to invest in resilience to withstand climate shocks, analyses show.
The initial plans for the pact linked climate change to human peace and security. However, this connection was eliminated from the final agreement due to strong objections from Russia and other emerging economies.
Small island states have called for debt relief and more concessional funding to deliver on a 10-year strategy to achieve sustainable development goals and build resilient economies.
Panelists at a session during the Devex CheckUp @ WHA 77 event welcomed a resolution on climate and health at the World Health Assembly but deplored the absence of any mention of fossil fuels.
The World Bank has given assurances it could meet prerequisite conditions to host the new climate fund’s secretariat and would work to get the fund up and running by COP 29.
An international tax task force and G20 nations are discussing proposals for global taxes to raise funding to fight climate change and inequality in low- and middle-income countries.
More than 30 mayors from around the world have signed an open letter warning that the reform of the international financial system will fail if it doesn’t result in greater finance to cities.
“COP 29 is a finance COP.” The world has agreed to move away from fossil fuels but vulnerable nations need a new global finance compact to be able to deliver.
