Finance took centre stage at the COP27 climate talks on Wednesday, with UN experts publishing a list of projects worth $120-billion that investors could back to help poorer countries cut emissions and adapt to the impacts of global warming.
In an effort to answer the argument by private sector financiers that it’s too risky to invest more in emerging markets, the experts, who help the COP host-governments engage with business, pulled together a list of projects that could be funded more quickly. However, another report released on Tuesday suggested that developing countries would need to secure $1-trillion in external financing every year by 2030, and then match that with their own funds, in order to meet the world’s goal of preventing runawayGetting money to low– and middle-income countries so they can build infrastructure, such as renewable energy plants needed to replace fossil fuels, has long been a focus for the UN climate talks. But progress has been slow.
The world’s leading development banks lent $51-billion to poorer countries in 2021, with private investors contributing $13-billion, a recent report from the lenders said. When asked in Wednesday’s event about his past comments seen as downplaying climate change, Malpass again dismissed the allegation that he is a climate change denier.
They should all shove one of their personal carbon trackers somewhere, so we can watch their entitled hypocritical self fly around on private jets!