United Nations Secretary-General Ban Ki-moon and Commonwealth Secretary-General Kamalesh Sharma have joined forces to call governments to get behind an innovative debt swaps for climate action proposal.
United Nations Secretary-General Ban Ki-moon and Commonwealth Secretary-General Kamalesh Sharma have joined forces to call governments to get behind an innovative debt swaps for climate action proposal.
Writing in The Independent newspaper, the Secretaries-General urge governments around the world to act on the commitments made in last month’s Paris Agreement, including a pledge to raise $100 billion a year for climate action.
“Now the New Year has arrived and it’s time to act on these resolutions. A rapid and sustained flow of climate finance for vulnerable developing countries is central to managing the climate challenge,” they say. “Thus far the flow of climate financing has been less than satisfactory. This must change.”
The Secretaries-General put forward a proposal which emerged from the Commonwealth Heads of Government Meeting in Malta in November, which would “free up funds” for climate change by allowing governments to in return “swap” their multilateral national debt.
“Think what could happen if countries like these lowered their burden by taking action on climate change: they could expand marine protected areas, strengthen coastal defences, reform fisheries policies, promote water conservation, manage coastal zones, invest in renewable energy and create institutions to advance their plans — working their way out of debt at the same time.”
Read in full online at The Independent.
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