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Who finances the fight against the climate crisis? All and none

Washington, Oct 14 (EFE) .- Governments, companies and multilateral organizations must finance the fight against the climate crisis, although there is a lack of concreteness, as was clear this Thursday at the forum “Making climate action count”, organized by the Bank World (WB).

A few weeks before the COP26 climate conference in Glasgow (UK) begins in November, the World Bank organized this digital event, held within the framework of its annual meeting with the International Monetary Fund (IMF).

In a somewhat lackluster act due to the fact that most of the interventions were prerecorded, the director of the World Bank, David Malpass, spoke; the US Secretary of the Treasury, Janet Yellen; the President of Colombia, Iván Duque, and Prince Carlos of England, among others.

Broadly speaking, all emphasized the need for the public and private sectors, and multilateral institutions to finance the transition to an economy that respects climate change, although perhaps the most forceful were the UN Secretary General, António Guterres, and the president of COP26 in Glasglow, Alok Sharma.

LESS WORDS AND MORE ACTION

Guterres recalled that as the celebration of COP26 approaches, it is necessary to comply with the commitments made in the Paris Agreement to cut polluting emissions by half by 2030 and achieve zero by the middle of this century, with an increase of investments in developing countries.

In his opinion, that point has not yet been reached and he was “particularly concerned” about the lack of progress with regard to public funding.

“Let me be clear, 100 billion dollars a year from public and private sources for mitigation and adaptation in the developing world is the minimum,” said the UN Secretary General, who mentioned the importance of multilateral development banks in this ambit.

In his opinion, there are no institutions better situated for this purpose than this type of bank to finance the adaptation of economies in the fight against the climate crisis, since if they do not do it “no one will do it”.

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