Global Politicians Alliance Seeks $500 Billion A Year To Avert Climate Catastrophe

Barbadian Prime Minister Mia Mottley

April 17 (THEWILL) – Members of the Global Alliance for a Green New Deal, a unique alliance of 27 parliamentarians from 22 nations, including US Representatives Ilhan Omar and Rashida Tlaib; UK Green MP Caroline Lucas and Brazilian MP Joenia Wapichana, along with MPs from Rwanda, Nigeria, Bangladesh and the Philippines and others, wrote a letter to the International Monetary Fund (IMF) urging him to support the Barbadian Prime Minister Mia Mottley’s proposal to increase funding for carbon reduction projects in developing countries.

Stressing that national plans to tackle the climate crisis are of little use without the funding to back them up in a speech at the Global Leaders Summit at COP26, Mottley called for the $500 billion expansion in special drawing rights – the international equivalent of quantitative easing – every year for the next 20 years.

“The world’s least developed countries need massive technical and financial support to achieve their development and climate change goals: expanding access to energy, switching to renewable sources, protecting and improving biodiversity, safeguarding and improving indigenous lands, creating decent and green jobs and building resilience to the impacts of the climate and natural crises already affecting them, which is why we urge you, at this first meeting since Prime Minister of Barbados first proposed the extension of significant volumes of SDRs in response to the climate and natural crises, to consider its proposal,” the members of the Global Alliance said in their letter to the IMF.

The letter came just days after the IPCC Working Group III report made clear both the urgency with which the world must act to stay within 1.5 degrees of global warming and just how financial flows are below the levels needed to meet emission reduction targets. in all sectors and all regions.

“The IPCC couldn’t have been clearer. We no longer have last-ditch sedans and we must act now to reduce emissions quickly. The technologies to harness the abundant energy from wind, waves and the sun that can keep us below 1.5°C do exist. What is missing is the political will. Countries like the UK, which are disproportionately responsible for the crises we are going through, must take the lead in rapidly ending the use of fossil fuels, but it is also time for the IMF to show that it is suitable for its purpose. By canceling outstanding debts, removing punitive surcharges, and making available the billions in low-cost financing needed by low- and middle-income countries, the IMF could help the world meet the greatest challenge of the 21st century. said British MP Caroline Lucas.

“Climate adaptation continues to be grossly underfunded. Also, compared to advanced economies, post COVID19 the speed and duration of recovery in least developed countries and small island developing states will be much slower and longer. This facility is desperately needed to avert climate catastrophe. added Bangladeshi MP Saber Chowdhury.

“I am proud to work with global partners to call on the IMF to expand financing to low- and middle-income countries for climate adaptation,” said US Representative Ilhan Omar. “We are going through a global climate crisis and must ensure that every country, especially the most vulnerable, has the technical and financial support to combat this existential threat to humanity. That is why it is imperative that we act as a global community to reverse this devastation and create a livable planet for all.