‘We have to get finance flowing’, says Alok Sharma

He is pleading with MDBs and private financiers to stick by promises made at COP26 by backing developing countries in the fight against climate change

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COP26 President Alok Sharma is calling on developed countries to keep “finance flowing” to ensure the 1.5°C aim stays in sight.

He will deliver a speech later today at the World Bank and IMF’s Fund Spring Meetings in the US, to ensure agreements made last November at COP26 are not slept on before COP27 in Egypt.

During the climate summit last year, developed nations agreed to provide $100 billion (£76.5bn) in climate finance to help developing countries tackle climate change.

Alok Sharma will meet with leaders of Multilateral Development Banks (MDBs), finance ministers from India, Indonesia and South Africa, as well as the US Special Presidential Envoy for Climate John Kerry to develop a coherent approach that ensures all parties play their part.

Mr Sharma called Putin’s invasion of Ukraine a “wake up call” that demonstrates “the vital importance of making the transition to homegrown green energy”, with so many countries heavily reliant on Russia for supply.

“What we now need to do is support developing countries to make this transition,” he said.

“I am here in Washington DC to push further to see whether we can get further such deals announced by COP27.

“If we want to make the goal of limiting global warming to 1.5°C a reality, we have to get finance flowing and push developed countries, MDBs and private finance to deliver on their finance commitments.”