Rich nations’ failure to honour local weather finance pledge a ‘travesty’: UNDP
BENGALURU: Developed nations‘ failure to ship on a decade-old dedication to pay $100 billion in annual local weather financing to creating nations is a “travesty”, Achim Steiner, administrator of the UN Growth Programme, mentioned on Thursday.
Rich nations, who’re most chargeable for world warming, are but to ship on the 2009 pledge to supply $100 billion per 12 months to assist creating nations take care of the results of rising world temperatures.
“A travesty. I say this with all honesty,” Steiner informed Reuters throughout an interview on the sidelines of a Group of 20 (G20) assembly of finance ministers and central financial institution governors at a hill resort on the outskirts of the tech hub of Bengaluru.
“I feel many nations ought to ask themselves whether or not this can be one of the crucial tragic errors in historical past, that 10 years after making such a promise, the dedication of $100 billion hasn’t been delivered but.”
India’s neighbouring South Asian nations Sri Lanka, Bangladesh and Pakistan have been in search of bailouts from the International Monetary Fund on account of an financial slowdown attributable to the COVID-19 pandemic and the Ukraine battle.
Steiner mentioned that G20 nations have to resolve on restructuring debt and haircuts should be taken as 52 nations within the creating world are near both dealing with misery or defaults.
“We have to have a look at some haircuts, we have to have a look at some rescheduling and restructuring,” Steiner mentioned.