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Rich Nations, Gcc Urged to Use Sdrs to Fund Climate Action in Africa
Foundation: Rockefeller Foundation
In August 2021, the International Monetary Fund issued a record $650 billion in special drawing rights to help developing countries deal with the effects of the global climate change pandemic known as COVID-19.
Some of the richest countries, including the US, got the most of the SDRs and left all of Africa with just 5% of the SDRs, or $33 billion.
Now, leaders of Gulf Cooperation Council countries are calling on them to use their unused SDRs to fund climate action in Africa, the Arab News reports.
"We are having conversations with various countries that have SDRs that are not used because, frankly, they don't need them," Eric Pelofsky, a vice president at the Rockefeller Foundation, tells Arab News.
"This is a real opportunity for leadership by the really forward-looking, innovative leaders in the Gulf and elsewhere."
Pelofsky says there was "real momentum" in a recent meeting in Dubai between France, Japan, the African Development Bank, and the Inter-American Development Bank on Finance Day.
Civil society groups and experts have set a target to raise $5 billion in SDRs, which in turn could raise $20 billion in additional funding for climate finance.
Though the rich nations agreed to pledge $100 billion in their SDRs for
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