Blog

How a new financing pact can help climate-vulnerable countries

Ken Ofori-Atta

Minister of Finance for the Republic of Ghana. Chair of the V20

Axel van Trotsenburg

Senior Managing Director The World Bank

Sep 21, 2023

Amid an escalating climate emergency and a global debt crisis, calls for a new “fit for climate” global financial architecture are growing louder throughout the developing world. The urgent need for decisive action has been underscored by Barbadian Prime Minister Mia Mottley’s Bridgetown Initiative, the V20 group of climate-vulnerable countries, and the recent Paris Summit for a New Global Financing Pact. This week’s Africa Climate Summit in Nairobi presented a unique opportunity to promote much-needed measures to support low-income countries in pursuing sustainable growth.

Read the full story on the World Bank blog.