PARIS – After two days of talks overhauling the global financial system to tackle climate change, more thanmade limited progress on reforms that could increase support from rich countries to poor countries facing crises.
Here are five key outcomes that have helped build momentum to revamp the financial system to help developing countries and respond to the challenges of warming temperatures.Many of the countries that attended the Paris summit were also present at a May 2021 summit focused on the severe economic shock of the Covid-19 pandemic.
Emergency funds like these are often desperately needed by poorer countries facing down climate-driven disasters, but poor countries have minimal access to SDRs. There is now US$41 billion available, and much of that money came from the reallocation of SDRs. The IMF has now set a new goal to grow the trust to US$60 billion.The impacts of change are getting more extreme, forcing countries to take on greater debt to deal with the damage. That is creating a vicious cycle known as the, and breaking the cycle is one of the priorities of Mr Ajay Banga, the new president of the World Bank.
Discussion also focused on expanding new types of catastrophe insurance, like those piloted in Jamaica and Peru, and offering debt repayment pauses following an extreme climate event to curb the accumulation of debt in dark times.Barbados succeeded in securing this provision on some of its debt as a way to deal with extreme weather events.
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