This short brief by EC2 non-resident fellow Carlos Correa discusses the current state of international climate finance and the urgent need for increased funding to address the daunting magnitude of the climate crisis. It takes the reader through a short timeline of key moments that led us to where we are today, as well as to what to watch moving forward.
The article starts with the Bridgetown Initiative, spearheaded by Barbados Prime Minister Mia Mottley, which calls for overhauling the global financial architecture. We currently face a $700 billion funding gap for biodiversity, climate, and nature. After Bridgetown 2.0, which further refines the initiative’s objectives, and touching upon the Global Biodiversity Framework (GBF) signed in late 2022, the article highlights the Summit for A New Global Financial Pact hosted by French President Emmanuel Macron. It then touches upon the historic establishment of the loss and damage fund. Carlos concludes by emphasizing the importance of the upcoming COP28 in Dubai, which will play a crucial role in setting the new climate finance goals.
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