COP27: Multi-lateral lenders have failed poorest over climate – Commonwealth head

Reuters:

SHARM EL-SHEIKH, Nov 17 – The world’s multi-lateral banks have “demonstrably failed” low and middle income countries when climate disasters hit and need to better assess their vulnerability and resilience when offering support, the head of the Commonwealth told Reuters.

Pressure on development finance institutions such as the World Bank has grown over the last year amid concern not enough money was being funnelled to developing countries to help them prepare for and withstand the impacts of global warming.

U.S. climate envoy John Kerry said in a side event at the COP27 climate talks in Egypt on Tuesday that he wanted a plan to reform the lending practices of the banks to be ready by early next year.

As secretary general of the Commonwealth, a voluntary association of 56 countries that evolved out of the British Empire, Patricia Scotland said the current global financial architecture was not fit for purpose.