IMF has so far secured USD 40 billion to support vulnerable countries through Resilience and Sustainability Trust to build climate resilience…reports Asian Lite News
G20 members must lead by example in delivering on the promises on financing they made for the cause of climate mitigation, besides supporting the strengthening of Multilateral Development Banks, said International Monetary Fund (IMF) Managing Director Kristalina Georgieva.
Speaking at the concluding session of the G20 Leaders’ Summit in New Delhi on Sunday, the IMF chief said it has so far secured USD 40 billion to support vulnerable countries through Resilience and Sustainability Trust to build climate resilience.
Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.
At the 15th Conference of Parties (COP15) in Copenhagen in 2009, developed countries had collectively committed to mobilising USD 100 billion per year by 2020 for climate action in developing countries. The goal was formalised at COP16 in Cancun, and at COP21 in Paris, it was reiterated and extended to 2025.
“Our one and only earth is threatened by existential climate change. Ahead of COP28, we must raise ambition to decisively reduce emissions to prevent grave risks to economic wellbeing and macro-financial stability,” she said. Excerpts of her statement were made available on IMF website.
She further noted that transforming the ambition into reality will require large investments both from the international community and the private sector, as well as an appropriate price for carbon.
“G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening the Multilateral Development Banks,” Georgieva said.
The IMF Director said she requested countries to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, and strong fiscal institutions.
Dancing to Odiya folk song
Georgieva arrived in Delhi on Thursday. On her arrival at the New Delhi airport, she was welcomed with tunes of Odisha’s famous Sambalpuri folk songs.
On hearing the melody of the Sambalpuri song and watching the artist’s dance performance, Georgieva could not stop herself from shaking a leg and joining in with the Sambalpuri artists.
Union Minister Dharmendra Pradhan shared a video of the event on X, expressing his pride in Odia culture.
“Difficult to resist Sambalpuri beats . MD International Monetory Fund, K Georgieva, arrives in India for the G20 summit to a Sambalpuri song and dance welcome. Odia Pride,” Pradhan wrote in a post on X.
Presidents of various countries, Prime Ministers, and heads of international organizations are arriving in India to attend the G-20 meeting, which is being held under the chairmanship of India from September 9 to 10. (ANI)