A letter signed by nine NGOs calls for tripling the financing of multilateral development banks by 2030, as suggested by an independent expert group commissioned by the G20.
Leaders of the Group of 20 leading rich and developing countries last gathered in New Delhi in last month for their annual summit. / Photo: AP Archive
"The world is on the brink of catastrophe," the non-governmental organisations said in a joint letter on Wednesday, ahead of the October 9-14 gathering in Marrakesh, Morocco.The International Monetary Fund and World Bank are under pressure to reform their lending systems to better address the challenges posed by the climate crisis.
It urges ministers to make good on a pledge to reallocate $100 billion in IMF special drawing rights to help vulnerable nations tackle the climate crisis. Friederike Roeder, Global Citizen's vice president for global policy, said she hoped the talks would lead to"measurable progress by the World Bank and IMF on several topics".
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