Emerging nations need $100-150 bn annually for climate transition: UN special envoy

Developed nations will need to invest $100-150 billion per year through multilateral development banks to support emerging economies in financing their climate transition, according to Mark Carney, UN special envoy for climate action and finance. Carney emphasized the importance of transition finance for challenging sectors and called for changes in the operational orientation of MDBs to prioritize climate funding.

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8/21/2023

Investor pressure group urges G20 to reform agricultural subsidies

A group of investors managing $7.3 trillion in assets has called on the G20 countries to align agricultural subsidies with climate and nature goals by the end of the decade, citing concerns over the risks to investment portfolios and the environmental damage caused by subsidies.

9/1/2023

IMF sees interest rates remaining high for 'quite some time' - Gopinath

Emerging markets must rebuild fiscal buffers, diversify trade, and prepare for the costs of climate change, according to the IMF's deputy managing director, Gita Gopinath, who highlighted the challenges of rising geopolitical fragmentation and financial conditions, as well as the need for countries to strengthen their monetary policy frameworks and protect against climate-related financial risks.

9/6/2023

Developing countries propose $100bn climate damage fund

Developing countries propose a new U.N. fund that would unlock at least $100 billion by 2030 to address irreversible damage caused by climate change, but there are disagreements among nations on who should pay into the fund and who should benefit from it.

9/10/2023

G20 Agrees to Reform Outdated Multilateral Development Banks to Address Climate Change, Poverty

The G20 leaders have made a commitment to accelerate reforms of multilateral development banks (MDBs) in order to address global challenges and maximize developmental impact, with a focus on the needs of low- and middle-income countries. India, as the outgoing G20 President, has emphasized the need for MDBs to be more sensitive to the changing developmental needs of the 21st century, particularly in relation to climate change. A panel of experts has been set up to craft these reforms, which include tripling sustainable lending levels by 2030 and creating new funding mechanisms. The G20 has also called for ambitious implementation of a roadmap on the capital adequacy framework of MDBs, which could unlock $200 billion worth of extra funding potential.

9/11/2023

Biden Urges G20 to Support Expanding World Bank Lending to Address Global Crises

The World Bank is seeking funding from the private sector to expand its lending capacity and address global challenges such as pandemics, climate change, and food insecurity, according to its president Ajay Banga; U.S. President Joe Biden has called on G20 leaders to support the World Bank in order to increase its ability to assist low and middle-income countries.

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Posted 8/26/2023, 12:02:00 PM