Article summary
- Rich countries fail to meet $100 billion per year climate finance goal – including finance disbursed via MDBs
- Climate-for-debt swaps mechanism proposed by IMF fails to materialise, as debt crisis hampers developing countries’ ability to finance climate plans
- Climate conditionality looms for new IMF Resilience and Sustainability Trust, as critics warn of green ‘shock therapy’ policies on horizon
At the UN Framework Convention on Climate Change’s (UNFCCC) 26th Conference of Parties (COP26) in Glasgow in November, the public finance urgently needed to fund climate action remained lacking – a situation compounded by debt…