High-level speakers at climate talks in Kinshasa called out rich nations on Monday for failing to honour a $100 billion per year funding pledge to developing countries, warning that fair finance was needed to avert the worst of the climate crisis.
Dozens of ministers and senior delegates are in Democratic Republic of Congo this week for a final meeting before the COP27 climate summit in November, where more vulnerable countries hope to push for compensation for economic losses linked to climate catastrophes.
He also called out international financial institutions: "Beyond pursuing their own drop-in-the-bucket initiatives, they must intensify their efforts to leverage the necessary massive increases of private finance as first-investors and risk-takers." The pre-summit is meant to be a forum for countries to shape the agenda for negotiations in Egypt and improve the chance of progress.
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