The V20 group of countries on the climate front lines — which now includes 58 member nations — has said restructuring the global financial system to align with climate targets must be completed by 2030.
Barbados has put forward a detailed plan for how to fix the global financial system to help developing countries invest in clean energy and boost resilience to climate impacts. And Zambia, which defaulted on its debt after the Covid pandemic broke out, secured some financial relief as its main lender China and other creditors agreed to restructure $6.3 billion in loans.
This is crucial to keep alive the Paris Agreement goal of limiting global warming to “well below” two degrees Celsius since pre-industrial times, and below 1.5C if possible.
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