Development finance system 'needs urgent reforms, more money', to stave off disaster

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Covid-19, cascading debt burdens, accelerating food and fuel crises, and extreme weather events are reversing more than 80 years of growing prosperity and global convergence, the statement said.

Russia's war in Ukraine was also stoking global food insecurity by driving up the prices of wheat, corn, soybeans, fertilisers and sunflower oil, they said.

To help, the Group of Seven advanced economies and the larger Group of 20 major economies should deliver on their pledged support for South Africa's energy transition, and push Indonesia to reach a deal on an energy transition partnership.

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