Were you happy with the announcements on Finance Day at COP27? Did anything catch your eye that will make a big difference?
There were some important announcements made, which created some positive momentum towards unlocking some much-needed capital for vulnerable countries.
The UK Export Finance Agency (UKEF) became the first export credit agency to announce Climate Resilient Debt Clauses, which will pause debt payments for two years if a nation is hit by a climate disaster. This will provide more flexibility and free up funds for low income countries to deal with the emergency.
There were also disclosures in the carbon markets when Climate Impact Partners and The Global EverGreening Alliance announced a partnership to deliver $330m in community-led carbon removal projects in Africa and Asia.
The projects are expected to start from 2023 onwards and will ensure that a revenue share from carbon credit sales will be kept for local communities.
This project has real potential and hope for its success, as the partnership will look to create blueprints and expand to other areas of the world to continue delivering environmental and social benefits for communities in need.