The world's multi-lateral banks have 'demonstrably failed' low and middle income countries when climate disasters hit and need to better assess their vulnerability and resilience when offering support, the head of the Commonwealth told Reuters.
Climate makes fiscal prudence even harder for govtsSHARM EL-SHEIKH, Nov 17 - The world's multi-lateral banks have "demonstrably failed" low and middle income countries when climate disasters hit and need to better assess their vulnerability and resilience when offering support, the head of the Commonwealth told Reuters.
U.S. climate envoy John Kerry said in a side event at the COP27 climate talks in Egypt on Tuesday that he wanted a plan to reform the lending practices of the banksAs secretary general of the Commonwealth, a voluntary association of 56 countries that evolved out of the British Empire, Patricia Scotland said the current global financial architecture was not fit for purpose.
While in the past, fiscal prudence was seen as the best way to manage and grow a country's economy, thereby meeting the needs of the people, climate change had upended the calculation. Rather than assessing a country's state of development, and any likely financial assistance, through the lens of Gross Domestic Product, Scotland cited recent destructive flooding in Pakistan as an example of why it was important to factor in climate vulnerability as well.
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