DUBAI: Leaders of the Gulf Cooperation Council countries have been called upon to seize the global leadership in innovative climate finance through their unused special drawing rights with the International Monetary Fund to help generate additional lending under climate finance for African economies.
“We are having conversations with various countries that have SDRs that are not used because, frankly, they don’t need them. And so this is a real opportunity for leadership by the really forward-looking, innovative leaders in the Gulf and elsewhere. So, we had a very productive conversation that we helped organize with the COP28 presidency, France, Japan, the African Development Bank, and the Inter-American Development Bank on Finance Day at COP28. And I think there was real momentum in the room. Japan had a very forward-leaning statement and France also had a very strong statement,’’ Eric Pelofsky, vice president, Global Economic Recovery, at the Rockefeller Foundation, told Arab News.
This oped first appeared in arabnews.com on December 10th, 2023.
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