"Developing countries are looking at developed countries as countries that could be much more generous in supporting them to be more sustainable. They could offer more finance, and technology. This does not necessarily involve an increase in the headline amount of money to be provided directly from rich world coffers, set last year at $300bn (230bn) a year by 2035. It could also come from better use of existing finance, Correa do Lago added."
"You don't need more money. You don't need public money from developed countries. You need to leverage more dollars from each dollar that you have. They can offer not only more resources in banks, in multinational development banks;; put more public money in funds like the green climate fund or the global environment facility, but there are an increasing number of alternatives like debt-for-nature swaps and other [instruments],"
Oil-producing countries must acknowledge the rise of clean energy while wealthy nations provide clearer finance assurances to bridge the negotiating chasm at Cop30. Developing countries expect greater generosity in support through finance and technology, but that need does not necessarily require larger headline transfers; better use and leveraging of existing finance is crucial. Options include channeling public money through multilateral development banks and funds such as the Green Climate Fund and Global Environment Facility, and using instruments like debt-for-nature swaps. The summit faces a major faultline over a fossil fuel transition, with more than 80 countries calling for a roadmap and petrostates likely to resist.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]