Top story

Climate Finance: Where do we stand now and what is needed post-2025?

For the first time in more than a decade, we have a chance to do something about the massive shortfall in climate finance. Experts are meeting under the UNFCCC to set the groundwork for a new post-2025 global climate finance goal (NCQG), focusing specifically on developing countries' needs & priorities for climate finance, as well as the role of public and private actors in this space. The current climate finance goal will not be met until 2023, so it's crucial that this new goal incorporates lessons from previous challenges. Here are:

Six recommendations we have for UNFCCC

An in-depth analysis of where things stand currently

Eurodad's full submission to the UNFCCC

News & analysis

SAVE THE DATE: End Austerity Activism Festival

Join us for a three-day virtual event that will take place from 28-30 September!

It will officially launch the End Austerity Campaign, which calls on activists and organisations from around the world to denounce the new wave of austerity, call for more ambitious recovery packages and celebrate resistance against an economic model that puts profit before people and the planet.

Pre-register for the festival here. 

Read more about the festival here and see the draft agenda here.

Reaction to IMF call for US$8.4bn of Zambia debt payments to be cancelled

by Debt Justice

The IMF has just published the details of its program with Zambia, including the Debt Sustainability Assessment (DSA) for the country. According to Debt Justice UK, "US$8.4 billion of debt payments needs to be cancelled by government and external private creditors between 2022 and 2025, further cancellation will be needed of payments between 2026 and 2031 but sets no limits on payments after 2031". The IMF program, however, draws a very adverse scenario for the people in Zambia, as it sets out a very harsh austerity program to be implemented by the African country.

Read Debt Justice reaction to the DSA here.

Read Grieve Chelwa (Africa Watch) analysis of the IMF program here. 

In solidarity with the people of Sri Lanka and Pakistan

by APMDD

The people of Sri Lanka and Pakistan are facing unimaginable suffering from crises they did not cause – the crisis of debt and the crisis of climate. This situation brought Sri Lanka to the point of bankruptcy and economic catastrophe, with dire consequences for its people. It is also now threatening heavily debt-burdened Pakistan with a similar fate in the midst of climate-induced deadly flooding not seen in 30 years.

Join us on Twitter at 1pm (UTC) tomorrow for the Days of Solidarity Actions Pakistan.

Find the communications kit here. 

Read more about the situation here.

AFRODAD asks the Pan-African Parliament to Consider Establishing a Pan-African Accountability Mechanism on Debt and Economic Recovery

by AFRODAD

This accountability mechanism should strengthen the relationship with creditors, allowing for a common position on public debt issues in situations such as the Covid-19 pandemic and the Ukraine-Russia Conflict. It should also support the aspirations and the ambitions of the Harare Declaration that was launched in 2021.

Read the press release here.

Useful resources

Financing for Development at the 2022 UN HLPF on Sustainable Development

by Bodo Ellmers

The implementation of the 2030 Agenda has fallen massively behind due to insufficient development finance. This year's UN High-Level Forum on Sustainable Development (HLPF) should have been dedicated to building back better after the crisis but it was overshadowed by a new wave of crises and concrete decisions were postponed to future summits. Pressure is growing to convene a new International Conference on Financing for Development to scale up means for implementing the SDGs. 

Read the analysis here.

Debt and Climate Crisis (in Spanish)

by LATINDADD

This article demonstrates how, after so many years since conquest and colonialism, the global south continues to be subject to neocolonial mechanisms. The unfair and undemocratic financial system seeks to perpetuate the dependence on developed countries and shows how debt and the current climate crisis are closely related.

Read the article here.

Vacancies

Organisation Assistant

Eurodad | Brussels | Deadline: 13 September

Policy and Advocacy Assistant - Development Finance Team

Eurodad | Brussels | Deadline: 18 September

Policy and Advocacy Officer

Counter Balance | Brussels | Deadline: 18 September

Events

23 September | Global Climate Action Strikes

Join Fridays for Future for the next Global Climate Strike to demand that policymakers and world leaders prioritize #PeopleNotProfit! Let's make our Governments listen to MAPA voices and immediately work to provide Loss & Damage Finance to the communities most affected by the climate crisis.

Read more about the strike here.

This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders.