Brazilian financial coordinator of the group of twenty and secretary for international affairs of the Ministry of Finance, Talita Rosito, said that Brazil wants to take advantage of its interim presidency of the group of twenty to launch 11 billion dollars to combat climate change, Brasilia reported.
The Brazilian financial coordinator confirmed at a press conference that the Brazilian government presented its intentions during the group of twenty meeting held last week in Brasilia, noting that, a proposal was discussed to simplify bureaucratic procedures and facilitate access to unused resources in the main global funds financing projects against climate change, which received wide support from the bloc’s members.
“The members of the group of twenty enthusiastically received the Brazilian proposal to expand access, simplify bureaucratic processes, increase resources, as well as the ability to mobilize public and private funds . This applies to the four main multilateral funds dedicated to combating climate change, known as “Green Climate Funds”.
The four funds mentioned by Rosito are the Green Climate Fund (GCF), the Global Environment Facility (GEF), the Adaptation Fund (AF), and climate investment funds (FIC); all of which are non-reimbursable funds that can help developing countries in their climate change adaptation and mitigation practices.
“We are talking about donations and loans that could benefit from a much larger volume of resources, what we propose is to conduct an independent audit of these funds throughout this year . Therefore, it was necessary to negotiate a lot”.
The official pointed out, for example, that during the last UN climate change conference, COP28, in Dubai, United Arab Emirates, a memorandum signed by the four funds had already supported the Brazilian initiative to revise the current criteria for granting resources, with the aim of reducing bureaucracy in accessing them.
“The group of Twenty is the right forum to implement these changes, precisely because the majority of donors are part of the group,”she declared.
