‘High-income countries can reduce their own emissions’
HIGH-INCOME countries can reduce their own emissions, reduce high-carbon-intensity fuel exports, and increase funding for climate action globally, says World Bank Group president David Malpass.
Speaking at the COP27 Climate Finance Event in Sharm El Sheikh, Egypt, last week, he said given the current inflation problem, they (high-income countries) should adopt policies to increase production in sustainable ways to respond to the current shortage of food, energy and fertiliser.
“They (high-income countries) can reduce their own emissions, reduce exports of high-carbonintensity fuels, and increase their funding for climate action globally,” Mr Malpass said.
“Major current and future emitters in the developing world also have a key responsibility in reducing GHG (greenhouse gases) emissions.
“They need to find low-carbon growth paths to provide reliable and affordable electricity to their people.
“And they should choose pathways that provide a just transition for society to lower GHG emissions.”
He said they needed to also find better financing pathways for adaptation — including contributions from donors, foundations and the private sector.
Mr Malpass said he recently presented the Scaling Climate Action by Lowering Emissions (SCALE) as a key non-fragmented avenue for the global community to take action on climate change and provide actual funding for GHG emissions reduction.
“It is a direct, transparent approach that avoids greenwashing.
“SCALE will pool funding from the global community and provide grant payments on a results basis to client countries for lowering greenhouse gas emissions.
“The fund will also help countries build a track record of projects that unlock private sector funding through international carbon markets.
“We invite all partners here at COP27 to consider this approach to direct financing of climate action. It has to be a global effort, with common but differentiated responsibilities.”