Climate Finance: Where do we stand now and what is needed post-2025?
#ClimateFinance #COP27 #WorldWeWant #EndAusterity #Vacancies
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:
News & analysis
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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.
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.
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.
AFRODAD asks the Pan-African Parliament to Consider Establishing a Pan-African Accountability Mechanism on Debt and Economic Recovery
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.
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.
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.
Eurodad | Brussels | Deadline: 13 September
Eurodad | Brussels | Deadline: 18 September
Counter Balance | Brussels | Deadline: 18 September
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.
|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.|