Huge investments for climate finance and disaster recovery could be unlocked at no extra cost to governments or taxpayers by just repurposing currently unused money reserves distributed by the IMF to wealthier nations.
THE GLOBAL FINANCE SYSTEM
Learn more about the momentous new agenda to upgrade the global finance system that could be the future of climate finance.
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EXPLAINERS AND BACKGROUND BRIEFINGS
THE GLOBAL FINANCIAL SYSTEM
Experts say that our global financial system is exacerbating debt distress and fossil fuel dependency, especially in lower-income countries. With global talks and leadership changes imminent, there is a unique window for essential reform in 2023.
Here are 3 proposals that could modernise climate finance mechanisms for a more equitable approach.
1. Transforming unused reserves into a beacon of hope
2. Lending longer and fairer for long-term resilience
The World Bank and other multilateral development bank (MDBs) boost lending to $1 trillion, specifically for climate and development response. Increasing emergency funds, suspending interest during crisis and new mitigation trusts could build a fairer future.
3. New global taxes to finance climate action
From levies on ships to planes to day trading, several promising new international tax proposals are under discussion that could generate billions for countries battling climate impacts while incentivising the shared path to decarbonisation.
KEY EVENT DATES IN 2023
CLIMATE DIPLOMACY SNAPSHOTS
The Climate Diplomacy Snapshots provide the climate community with a clear overview of 24 countries and the EU on climate and recovery to pursue these joint objectives and keep the global average temperature increase to 1.5°C