Page 36 - Avinash Persaud News Today : Breaking News, Live Updates & Top Stories | Vimarsana

World leaders have written an open letter stating that private finance must play a significant role in supporting global development.

This includes a $100 billion plan to drive more climate and development investment using currency guarantees from the IMF and other multilateral development banks (MDBs) - one idea among many to boost funding for developing nations. Mottley's special envoy Avinash Persaud said dealing with debt was going to "play a big role" in developing countries' response to climate change, citing a World Bank estimate that these nations require $2.4 trillion annually for the next seven years to address costs from climate change, conflict and pandemics.

Over 50 world leaders are meeting in Paris to tackle one of the biggest problems of the age: how to raise enough money for the global south to catch up in climate investments.

The New Global Financing Pact summit in Paris will discuss taxes on fossil fuels, planes, ships and shares tomorrow

Despite Persaud’s optimism that support is growing for a global fee on oil imports to address climate damages, the man who oversaw the IOPC for decades is less convinced.