“Faced with these challenges at the same time – poverty, climate and biodiversity – we must invest way more, and we are not up to the task,” he said.
Developing nations point to an outdated system where the United States, Europe, China and other big economies that have caused most climate damage are leaving the poorest countries to deal with the consequences. The Paris summit has no mandate to make formal decisions, French organisers stressed, but it aims to give a strong political impetus to key issues to be discussed in upcoming climate conferences and other international meetings.
“We demand cancellation of debt. We demand public finance for climate action, particularly adaptation. And addressing the loss and damage,” Mr Singh said, referring to the issue of polluters paying for their climate impacts. Amid key topics to be discussed are changes needed in the way the World Bank and the International Monetary Fund are lending and granting money to the most vulnerable countries. Both institutions have been criticised for not factoring climate change into lending decisions and being dominated by wealthy countries such as the US.
Cecile Duflot, Oxfam France general director, said there is a “historic, political responsibility” from wealthy nations and a “duty of solidarity” towards the poorest countries.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: businessposthq - 🏆 8. / 71 Read more »