Why climate cash could make or break COP27
Al JazeeraIt’s the dirty secret of climate talks. According to new research by Oxfam, Senegal, which is among the world’s most climate-vulnerable countries, has so far received 85 percent of its climate finance in the form of debt. As a consequence, Africa receives less than 4 percent of private climate finance even though many of its nations are on the front line of the crisis. UN Deputy Secretary-General Amina Mohammed said: “The finance currently available is a pittance with respect to the magnitude of disasters vulnerable nations and people are facing and will face.” What COP27 needs At last year’s COP26 in Glasgow, climate finance was a muted issue; not because it wasn’t raised, but because rich economies like the United States and the European Union conveniently turned a blind eye to it. International climate finance initiatives that COP27 agrees to must span funding support to help poorer and vulnerable nations mitigate the effects of climate change and adapt to them.