that the world was not on track to avoid a climate catastrophe. That report is believed to have changed the course of climate action in the past few years and experts say the latest one will be a game changer for the Scotland conference.told the UN Framework Convention on Climate Change in London this week that emerging markets required an estimated $3-trillion to $4-trillion annually in low-carbon investments over the next 15 years to meet their climate mitigation commitments.
“For COP26 in Glasgow to be relevant, responsive and successful, we need ambition and progression on mitigation, adaptation and means of implementation; that is, finance, technology and capacity-building,” Creecy told world environment ministers.says the triple Covid-19, economic and climate crisis poses a growing challenge to debt sustainability and financing for climate action for developing countries.
Debt-for-nature swaps occur when a creditor nation replaces existing debt with new finance that should be used for climate change efforts, and it is supposed to come with incentives like lower interest and good terms.
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WATCH: How to use sustainable finance instrumentsNedbank CIB’s head of sustainable finance solutions, Arvana Singh, talks to Business Day TV
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