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The countries on the frontlines of the climate crisis are the least responsible, most impacted and have the fewest financial resources to adapt to its impacts. The 2023 Climate Inequality Report underline this growing disparity, finding that the poorest half of the global population has contributed just 12% of greenhouse gas emissions but will suffer 75% of the associated income losses from climate change by 2030. The costs of building climate resilience in developing countries, especially in Small Island Developing States, are immense, ranging from $160-340 billion annually by 2030 according to the 2022 Adaptation Gap Report. Despite the need, wealthy nations have yet to meet the pledge they made in 2009 to channel $100 billion a year in climate finance to poor nations in need. At COP27, leaders from developing countries sharply criticized these shortcomings; the past year has seen several high-profile efforts to address them, including the Summit for a New Global Financial Pact in Paris in June and the High-Level Pledging Conference for the Green Climate Fund’s second replenishment in October.
Sally Yozell, Director of the Stimson Center’s Environmental Security program, will moderate a panel of experts on what we have learned from these and other efforts, what gaps still exist in the climate financing landscape, the message we expect to hear from the developing world at COP28, and what actions are required to make good on previous climate adaptation pledges. Panelists will include representatives from the World Bank, the World Economic Forum (WEF), and the Government of Belize.
Featured Speakers
Carlos Pol, Director, Climate Finance Unit, Belize Ministry of Finance, Economic Development, and Investment (Virtually)
Elena Perez, Lead, Ocean Action Agenda, World Economic Forum
Svetlana Klimenko, Lead Financial Management Specialist, World Bank
Moderator
Sally Yozell, Director and Senior Fellow, Environmental Security Program, Stimson Center
