Global temperatures are hitting records nearly every month and the funding for carbon neutrality is not enough now. How to solve the problem?
Amina Mohammed, the UN Deputy Secretary-General,had a Dialoguewith SFC journalist recently. “That's not one way to do it,” she said. “We need to find the international community providing some of the risk mitigation for capital and we're saying that our international financial institutions have to do better at that. The World Bank, the Asian Development BankandAfrican Development Bank are going to do more.”
Commenting on developing countries, Mohammed is “seeing many of our developing countries who have to embark upon these transitions with huge debt burdens. In developing countries, through no fault of their own, increasing interests are giving debt burdens that cannot be carried. The issue of debt has to be resolved.”
In terms of COP 29, Mohammedsaid “the discussion will be around financing for climate crisis and climate action. That's not going very well right now. So the climate agenda and conversations will be importanttowards the end of the year. That's gonna be hugely difficult if we've not got all of government, society and forward leaning political will to make this happen.”
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