Climate finance driving poor countries deeper into debt, says Oxfam
Rémy Rioux, the chief executive of the French Development Agency, said the $100bn-a-year investment flows were necessary but not sufficient to deal with the magnitude of the climate crisis, because global investment flows amounted to $20tn a year, most of which is not “green” or “climate-proofed”. The French government will hold a conference, called Finance in Common, next month to gather public development banks from around the world and call on them to incorporate climate finance into all of their spending.
“We must ensure that all financial flows be aligned with the Paris agreement and the UN sustainable development goals, and not merely grants from the north to the south,” Rioux said. “That’s the magnitude of the investment flows that must become greener and more socially sustainable. And this global goal must primarily be translated into the domestic agendas.”