Macron Summit News Today

By Barry Eichengreen and Ruurd Brouwer

Nigeria as well as other developing countries need climate finance that doesn't come as loan

Climate change is undermining what progress has been made across the continent in the last few decades. Hunger, malnutrition, and poverty are on the rise.

Jun 18, 2023 // Global leaders will soon gather in Paris to build a new financial contract between the Global North and Global South. The summit should reform how the World Bank recapitalizes following exchange rate-related losses, which will benefit poorer countries, write Barry Eichengreen and Ruurd Brouwer.

In this note we assess the potential short-term fiscal impact of these instruments. We look at three major natural disasters over the past two years and assess how much relief each country would have received if DSCs had been included in the totality of their external debt instruments.

Bogolo Kenewendo, a UN climate change special advisor, discusses the African perspective on climate action, biodiversity, climate finance, and gender-responsive solutions. She emphasizes the need for adaptation and resilience in the agricultural sector to secure livelihoods and address high poverty,