17-04-2021 | 14:25 PM
Climate Change platform for poor countries
The World Bank and International Monetary Fund have launched a platform to advise the poor countries on funding for conservation and climate activities.
Current Scenario
According to the World Bank and IMF, twin global problems. They are as follows:
The need to restructure or reduce the heavy debt burden of poor countries
The need to reduce fossil fuel emissions contributing to climate change
Therefore, the solution of including climate change into the debt restructuring process will help motivate sovereign lenders to write off a certain percentage of debt of poorer countries.
About the platform
The advisors in the platform will include officials from United Nations, private investors and ratings agencies.
The platform is supported by the G20 economies as well.
Three countries such as Chad, Ethiopia and Zambia have initiated the negotiations with the creditors under the new platform.
