via france24:
The financial needs of the Global South are colossal. A group of independent experts, specialising in climate finance and working under the auspices of the United Nations, estimated last year that the world needs to allocate $1 trillion a year between now and 2030 for developing countries besides China to respond to the climate and biodiversity crisis.
Oxfam estimates that $27 trillion will have to be mobilised to “fight poverty, inequality and climate change in developing countries” between now and 2030, i.e., around $3.9 trillion a year. The World Bank put this estimate even higher, outlining in its 2021 climate action plan that $4 trillion a year will be needed between now and 2030 to build infrastructure that meets the needs of developing countries.
Governments present at the summit for a new global financial pact this week will not be making financial pledges but are instead expected to discuss the most effective means of financing. The first items on the agenda are those based on already established commitments.
“Developed countries have already pledged to allocate 0.7% of their wealth to developing countries and to contribute $100 billion to the climate. But for the moment, these funds have only been partially distributed, if at all,” said Désiré Assogbavi, the director for French-speaking Africa at ONE, a global anti-poverty NGO, at a press conference on Tuesday.
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