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21 September - Call for More Climate Finance To Help Developing Countries

Thursday, 21 September 2017 00:00

logo-IPSThe USA’s withdrawal from the Paris Accord has made climate change mitigation for developing countries even more uncertain, according to an article by two professors of economics published by the Inter Press Service. Of the USD$ 100 billion pledged by the international community to fund the Green Climate Fund (GCF), only just over USD$10 billion have been disbursed and it is unlikely the US will contribute the remainder USD2 billion of its USD$3 billion pledge.
 
The authors also claim that the USD$ 100 billion for the Green Climate Fund (CVF) won’t be enough to finance rapid transition to renewable energy and that much more climate finance and international cooperation will be needed to help countries, especially the vulnerable developing nations. They single out two solutions proposed by the Climate Vulnerable Forum and the UN which could help mobilise more finance: Special Drawing Rights (SDRs) and quantitative easing (QE).

 

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