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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

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.

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.


21-23 April
Spring World Bank / IMF meetings
Washington DC, USA
19-21 May
G7 Meeting
Hiroshima, Japan
5-15 June
UNFCCC Intersessional Negotiations
Bonn, Germany
22-23 June
French Climate Finance Summit
Paris, France
4-6 September
African Union leader’s Summit
Nairobi, Kenya
8-9 September
G20 Leaders Summit
New Delhi, India
12-30 September
UN General Assembly
New York, USA
20 September
SDGs summit/UNSG climate summit
New York, USA
13-15 October
Annual World Bank / IMF meetings
Marrakech, Morocco
30 November - 2 December
UNFCCC Conference of Parties 28 (COP28)
Dubai, UAE


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