The International Monetary Fund (IMF) has emphasized that G20 member nations must demonstrate leadership in fulfilling their promise to contribute $100 billion annually for climate change, as reported by Reuters on Sunday.
A two-day meeting of leading economists and finance experts convened by the COP28 Presidency in August delivered a consensus on the key next steps required to establish a new framework for international climate finance and drive progress at climate conferences from COP28 to COP30.
During the meeting, participants agreed to come to COP28 with recommendations for a new framework for international climate finance, along with a definitive roadmap for implementing these recommendations.
The new framework will particularly focus on addressing debt distress in vulnerable countries and determining the role of the private sector in increasing climate finance. The group acknowledged that while private finance flows are growing, they must significantly accelerate to meet the estimated $2.4 trillion in total annual investment needed by 2030 to address climate change in emerging markets and developing economies.
This emphasis by the IMF highlights the critical role of G20 countries in leading efforts to meet global climate finance commitments and advance climate action on a global scale.