• 12.01.2024
  • Rights & Accountability
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COP28 Report

COP28 President Sultan Al Jaber told the Multilateral Development Banks (MDBs) that they should work together to help “lay the foundation of a climate finance architecture that is more fit-for-purpose to address climate and development”, with three priorities: “country platforms, revise climate finance targets for coming years, and lower the risk for the private sector”.

But Recourse, in solidarity with our partners, warned the MDBs that climate solutions will not be found by chasing the profit-motivated private sector or through debt-laden loans. The MDBs must instead provide grant and concessional finance for a sustainable renewable energy future for all.

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