STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNAIROBI -The world is losing the race to meet its climate change goals, the president of the upcoming COP28 summit said on Tuesday, as African leaders called for changes to what they say is an unfair international climate finance system.
"We are not delivering the results that we need in the time that we need them," Jaber, who also heads the Abu Dhabi National Oil Company, told delegates at the inaugural Africa Climate Summit in Kenya's capital, Nairobi. While Africa is suffering from some of the most severe impacts of climate change, the continent only receives about 12% of the financing it needs to cope, according to researchers.
Specifically, African states plan to push at the COP28 for the expansion of special drawing rights at the International Monetary Fund that could unlock $500 billion worth of climate finance, which could be leveraged up to five times.
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