For more information and interviews contact Jerome Phelps on +44 7307 620372
The Joint Declaration and Task Force on Credit Enhancement for Sustainability-Linked Sovereign Financing was announced today at COP28 by multilateral development banks and other international organisations. It aims to “boost sustainability-linked sovereign financing for nature and climate” for lower income countries.
In response, Heidi Chow, Executive Director of Debt Justice, said:
“It is encouraging that more institutions are recognising that current climate finance flows are inadequate and unfair, and that we must urgently tackle the debt crisis. But turning to the private sector risks piling even more debt on countries already in debt crisis and diverting public funds into initiatives that are unlikely to have meaningful benefits. Instead, rich countries must accelerate debt cancellation and provide adequate grant-based climate finance.”
Notes
Debt Justice (formerly Jubilee Debt Campaign) is a UK charity working to end poverty caused by unjust debt through education, research and campaigning: https://debtjustice.org.uk/
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