<
https://www.theguardian.com/environment/2022/nov/09/cop27-egypt-climate-disaster-funds>
"A series of symbolic moves on climate finance at Cop27 suggests positive
momentum could be starting to build on a pivotal issue at the UN summit in
Egypt.
The UK said it would allow some debt payment deferrals for countries hit by
climate disasters, while Austria and New Zealand put forward funding for loss
and damage, which is the cost of rebuilding in poorer nations after unavoidable
climate impacts.
The provision of funding by rich, polluting nations to those vulnerable nations
that have done little to cause the climate crisis is central to any success at
Cop27. Beating global heating requires every nation to act but without progress
on finance, developing countries will not trust developed countries and
collective action will fail.
The UK said its export credit agency, which loans money to overseas buyers of
British goods and services, will become the first agency to include “climate
resilient debt clauses” in its lending. These stop debt payments for two years
if a nation is hit by a climate disaster, freeing up funds to deal with the
emergency."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
