On Thursday, officials from France, Spain, Barbados, and Sierra Leone backed a new alliance aimed at increasing the flow of climate-related finance to the world’s poorest countries.
Global Citizen, a non-profit organization, has launched a campaign called “Power Our Planet: Act Today. Save Tomorrow” with the stated goal of getting ordinary people to put pressure on world leaders to make a “seismic shift” in the global financial system so that poor countries can better combat climate change and poverty.
The alliance of wealthy and poor countries requires “bold” action, and it is co-chaired by Barbados Prime Minister Mia Mottley, who has long called for global banking system reform, which she has dubbed the Bridgetown Initiative.
“We must call on all institutions, including the World Bank, to release the funds necessary to do so, not tomorrow, but now,” Mottley said in recorded remarks.
She asked leaders of wealthy countries to meet their pledge to create $100 billion in climate money yearly, which has been a significant stumbling block in international climate talks.
On June 22-23, Mottley and French President Emmanuel Macron will co-host a conference on a new global financial deal to address multilateral development banks (MDB) reform, the debt crisis, the introduction of new international taxation and funding tools, and special drawing rights.
Following an initial set of modifications agreed upon at the World Bank and International Monetary Fund (IMF) spring meetings, US Treasury Secretary Janet Yellen has stated a desire for additional reform of multilateral development banks (MDBs) in the coming months.
We are requesting that world leaders keep their promises and make significant additional commitments. Hugh Evans, CEO of Global Citizen, reminded the World Bank and IMF heads that the time has come for fundamental institutional restructuring.
The group thinks that by uniting millions of people from across the world, more resources will be made available to help countries transition to renewable energy, build their defenses against natural disasters, and invest in health, food, and education.
