Here’s the exciting COP27 breakthrough no one is talking about

(Context, 6 Dec 2022) Could shaking up the big international development banks revolutionise climate action?

Mohamed Adow is director of Power Shift Africa

The most celebrated prize from the recent COP27 climate summit in Egypt was the creation of a “loss and damage” fund to compensate poor and vulnerable communities suffering the impacts of climate change.

But there was another breakthrough made in Sharm El-Sheikh that isn’t getting the headlines but has the potential to unlock trillions of dollars for climate action.

Getting wealthy countries to pay their climate debt has been like trying to get blood out of a stone.  Despite these rich polluters being the ones that caused the climate crisis and despite them acknowledging this and pledging to pay $100 billion per year in climate finance by 2020, they have failed to keep this promise.

$100bn may sound like a lot but it was a number chosen by the rich nations as an amount they were prepared to give, not a figure based on any assessment of the needs of the vulnerable. 

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Context, 6 Dec 2022: Here’s the exciting COP27 breakthrough no one is talking about