Transforming the Financial System

It has been one year since the 27th United Nations Climate Change Conference (COP27) in Sharm el-Sheikh, Egypt concluded with a call for “a transformation of the financial system and its structures and processes” and a reform of multilateral development banks (MDBs) to be “fit for the purpose of adequately addressing the global climate emergency”.

Reflective of Barbados Prime Minister Mia Mottley’s Bridgetown Agenda, international financial architecture reform has gained significant traction in the past year. At the UN mid-year climate conference in Bonn, developing countries refused to adopt an agenda that singled out mitigation ambition without also spotlighting financial support ambition.

Then, the Summit for a Global Financing Pact in June and the Africa Climate Summit in September broke siloes, bringing together experts from the development finance and climate communities to discuss the climate financing gap. At the recent 2023 International Monetary Fund/World Bank Group Annual Meetings, the need for systemic reforms was again echoed, while the Group of 20 (G20) has advanced discussions on resolving the debt crisis and strengthening MDBs.

As COP28 approaches, though, questions remain: what progress has been made on reforming the international financial architecture to facilitate climate ambition and development in Global South countries? How can inclusive, climate resilient and developmentcentered reforms be advanced at COP28? What concrete commitments from global leaders at COP28 are needed to create a fit-for-purpose financial system?

On November 21 from 07:30 PM IST/ 09:00 AM EST, join Centre for Science and Environment (CSE) and Boston University Global Development Policy Center for a webinar discussion on transforming the global financial system and what world leaders should look to accomplish at COP28.

Do save the date and register.

 CSE and COP28

• See our calendar of pre-COP28 briefings – Agenda for COP28
• A CSE team will be attending and reporting from COP28. 

To reach someone from the team, just contact

Sukanya Nair
sukanya.nair@cseindia.org
+91 88168 18864