Multilateral development banks expected to announce in Paris as much as $200 billion in extra funding for low-income countries to ease the worst effects of climate change
Developing countries have been pressing developed countries to commit more dollars to fight climate crisis, warning that failure to do so could result in "the worst reality of mankind".
An overdue pledge of $100 billion in climate finance for developing nations was also now in sight, they said. "If these reforms are implemented, MDBs may need more capital," it added, recognising in a final summit document for the first time that wealthy nations may have to inject more cash. The announcements mark a scaling up of action from the development banks in the fight against climate change and set a direction for further change ahead of their annual meetings later in the year.
"China is ready to be engaged in debt relief efforts in an effective, realistic and comprehensive manner in keeping with the principle of fair burden sharing," Li said. "There is the political consensus that this issue is bigger than each of us and we have to work together and multilateral development banks will have to change how they do business and that is accepted," Mottley said at the summit's closing panel.
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