Breaking Financing Barriers for Just Climate Transition in Africa

Suspend and reduce debt for low- and middle-income countries, including the use of innovative debt swaps and revision of SDRs: We call for the suspension and reduction of debt for low- and middle-income countries (LMICs). [...] BRE AK ING F IN ANCING BARRIER S FOR JU ST CL IM ATE TR A N S IT ION IN A FR IC A 3 Introduction and background September 2023 was the month of monumental summits for the African continent: the Africa Climate Summit, the United Nations Climate Ambition Summit, the SDG Summit, and the G20 Leaders’ Summit. [...] The Declaration explicitly called for “acceleration of the on-going initiatives to reform the multilateral financial system and global financial architecture including the Bridgetown Initiative, the Accra-Marrakech Agenda, the UN Secretary General’s SDG Stimulus Proposal and the Paris Summit for a New Global Financing Pact.” Just like the Bridgetown Initiative (whose details follow below), this co. [...] Aligning the multilateral trading system with the green and just transformation, and reform of governance and operations of international financial institutions Some specific actions under the Initiative include: For UN Member States: • Accelerating the redirection of $100 billion of Special Drawing Rights (SDRs) to the Poverty Reduction and Growth Trust and Resilience & Sustainability Trust. [...] The complementarity between climate finance and the SDGs Climate finance is paramount for the realization of the SDGs.