COP27: Daily snapshot 11/11
- More than 50 developing countries at risk of bankruptcy
- The world waits as Joe Biden lands for COP27 climate discussions
- ‘Fridays for Future’ youth protests demand action from world leaders
Increasing danger of developing nations defaulting, warns global development chief
More than 50 of the poorest developing countries are in danger of defaulting on their debt unless rich nations help, the head of the UN Development Programme has warned.
Achim Steiner warns that ‘Inflation, the energy crisis and rising interest rates are creating conditions where an increasing number of countries are in danger of default’, reports The Guardian. Stephanie Pfeifer, IIGCC CEO, joined a COP Presidency panel with Achim earlier this week.
President Biden expected to highlight new US climate investments
CNN reports that Joe Biden will announce that the US is back as a global leader on climate change, following its Inflation Reduction Act which included around $370 billion in clean energy incentives.
However, the article notes that the war in Ukraine and corresponding energy crisis, as well as anger in the developing nations led by G77 President nation, Pakistan, will likely cast a shadow over any announcements.
Protesters defy ban to synchronise demonstrations worldwide
Fridays for Future staged protests to coincide with the arrival of President Biden to highlight the urgency of loss and damage payments, The Independent reports.
Young people from across developing nations shared stories of hardship exacerbated by climate change inside the Blue Zone, as protests mirrored them in capital cities across Europe.
All the latest from COP27
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