COP28 leaders pledge to make climate finance 'available, accessible and affordable'
Reacting to the announcement of the COP28 UAE Declaration of Leaders on a Global Climate Finance Framework, Ebony Holland, IIED's policy lead for nature and climate, said:
"The global financial system is a creaking relic of the last century that empowers wealthy countries and investors and which is acting as a brake on climate action. Climate finance is an issue of fairness and justice. Those who are suffering the worst impacts right now have done the least to cause the problem and have the fewest resources to confront it - that has to change.
"Addressing the sovereign debt crisis is vital because deeply indebted countries, among the most vulnerable to climate-driven disasters, won't be able to access the funds they need without easing their current debt burdens that only get heavier as we heat the planet.
"Leaders must commit to ensuring new and current funding gets to the ground level where it's most needed, in a way that puts the needs of communities first without simply enriching an army of middlemen. Right now, local people are frequently sidelined when decisions are made that affect their lives and livelihoods."
Notes to editors
- IIED research has shown many of the world's poorest countries spend more on debt repayments than they receive in finance to fight climate change