UN climate chief calls for “quantum leap in climate finance”

(Climate Home News, 10 Apr 2024) The head of the United Nations climate body, Simon Stiell, said on Wednesday a “quantum leap” in climate finance is needed for many countries to be able to submit strong new climate action plans next year.

It’s hard for any government to invest in renewables or climate resilience when the treasury coffers are bare, debt servicing costs have overtaken health spending, new borrowing is impossible and the wolves of poverty are at the door,” he said in a major speech at the Chatham House think-tank in London.

Climate finance has traditionally consisted mainly of wealthy governments and multilateral development banks giving loans and grants to developing countries to help them reduce planet-heating emissions and adapt to climate change.

But Stiell’s speech focused heavily on other sources of finance, which would not burden taxpayers in rich nations but are unlikely to be agreed in time for next year’s round of climate plans under the Paris Agreement.

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Climate Home News, 10 Apr 2024: UN climate chief calls for “quantum leap in climate finance”