Group of nations most vulnerable to climate change defend measure at UN conference on the subject
COP27 completes a week this Saturday (12.Nov.2022). Among the main issues addressed in the 1st half of the UN climate conference, in Egypt, is the financing of developing countries. One of the proposals involves exchanging external debt for actions to prevent and combat climate change.
The agenda is defended by countries with high indebtedness and by the V20 – a group of 58 countries that are most vulnerable to the climate. Among them, Latin American nations such as Colombia and Haiti.
But other countries are also discussing this possibility. The government of Argentina, currently the largest debtor to the IMF (International Monetary Fund), has advocated that investment in environmental actions replace part of the debt. The lender has already signaled positively.
To promote actions in this direction, the Egyptians, who are chairing COP27, invited debtor and creditor countries to join a sustainable debt coalition. The initiative was announced in africa pavilion of the event, on Thursday (10.nov).
🇧🇷Without greater fiscal space and an international forum to address outstanding debt issues, many nations will fail to deliver on their development priorities and fail to make vital progress towards their climate goals, leading to a global failure on climate change.”, says the initiative🇧🇷
The coalition calls for the exchange of debt for climate action to be contemplated in addenda to the Paris Agreement.
One report of V20 in partnership with the UN climate negotiations division pointed out that climate change has already eliminated ⅕ of the wealth of the countries in the group, or US$ 525 billion, in the last two decades.
🇧🇷Losses due to climate change over the past two decades are estimated to exceed half of all growth”, stated the V20.
The most developed countries are most responsible for global warming, while developing countries are the most affected by climate change. Having enriched themselves at the expense of the devastation of the environment, the richest are charged with financing the most vulnerable.
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