To support Southeast Asia's efforts to retire its young coal fleets, there must be "explicit conversations" about the conditions needed for energy transition projects to come to market, the chairperson of the global reinsurance giant's public sector engagement arm told Eco-Business.
The United States has committed to put "several millions of dollars" into the global fund to help climate-vulnerable nations, but maintains that contributions should be voluntary and have "nothing to do with compensation and liability".
Many campaigners on international financial institutions know from monitoring the multilateral lender's operations that it lacks a "climate culture", as it imposes loans and conditionalities to Global South countries.
Dorothy Grace Guerrero
It is no exaggeration to say that the GCF’s replenishment campaign is a test of the world’s commitment to combating global warming. A successful outcome would not only help close the massive global climate financing gap, but would also allow developed countries to rebuild trust by showing that they understand the urgency of the crisis.
Mahmoud Mohieldin and
Rich nations need to shift investments into renewables instead, they say. The civic space for demonstrations at this year's climate summit, held in Egypt, is more restricted than the Scotland event last year.