- Late Harrods owner Al-Fayed accused of rape: BBC
- Hong Kong man sentenced 14 months for wearing 'seditious' T-shirt
- Lebanon's Hezbollah in disarray after second wave of deadly blasts
- Equity markets, yen rally after jumbo US rate cut
- Meta and Spotify blast EU decisions on AI
- Hasan takes three as Bangladesh rattle India in first Test
- Two killed during police operation in New Caledonia
- Flood-hit region leaders to meet in Poland to discuss EU aid
- Sri Lanka to vote in first poll since economic collapse
- Hong Kong probe finds Cathay Airbus defect could cause 'extensive' damage
- AI development cannot be left to market whim, UN experts warn
- All Blacks primed for 'hell' of a Wallabies clash
- Japan firm says no longer makes radio reportedly used in Lebanon blasts
- Zoom fatigue? Try some nature in your background: study
- Boeing to start large-scale furloughs with Seattle strike talks stalled
- Japan walkie-talkie maker says investigating after Lebanon blasts
- Slipper to become most-capped Wallaby in All Blacks clash
- Tokyo surges on weak yen as Asian traders cheer big US rate cut
- Vast France building project sunk by sea level rise fears
- UK campaigners in green energy standoff reject 'nimby' label
- Rainbow warriors: Three things to watch at cycling world championships
- Lebanon's Hezbollah in disarray after second wave of device blasts
- China's 'full-time dads' challenge patriarchal norms
- What we know about the fire 'pandemic' plaguing Brazil
- X says Brazil service restoration 'inadvertent' and 'temporary'
- Amazon drought leaves Colombian border town high and dry
- Some Cubans depend on sugar water as food shortages bite
- Saudi crown prince says no Israel ties without Palestinian state
- Canada to further cut international student, foreign worker permits
- YouTube launches new TV-focused tools for creators
- White Sox heading for worst season in MLB history
- China the top challenge in US history: senior diplomat
- Hong Kong democracy tycoon's son warns time running out
- New migraine drugs no better than cheap painkillers: big study
- Sean 'Diddy' Combs again denied bail in sex trafficking case
- Brewers clinch division title as MLB playoff race heats up
- Man City blunted by 'giant' Inter in Champions League stalemate
- US stocks dip despite larger Fed interest rate cut
- Man City held by Inter as PSG pinch win in Champions League
- All Blacks recall Beauden Barrett for Australia Test
- Fears of all-out war as new Lebanon device blasts kill 20, wound 450
- Spurs late show saves Postecoglou blushes at Coventry
- PSG snatch late goal to beat Champions League debutants Girona
- Gittens' late double gives Dortmund Champions League win at Brugge
- Man City blunted by Inter in Champions League stalemate
- Hidden talent: French Olympic star Marchand opts for disguise
- MrBeast named in California lawsuit over 'Beast Games' show
- Gauff splits with Gilbert as coach after 14-month run
- Hundreds of thousands at risk in Sudan's El-Fasher: UN
- Harvey Weinstein pleads not guilty to new sex crime charge
More financing needed for IMF climate change fund: director
A new fund helping low-income countries tackle the impacts of climate change already has around $40 billion worth of commitments, but this is "nothing in comparison with the needs," IMF chief Kristalina Georgieva said Tuesday.
Several countries have won loan deals from the International Monetary Fund's Resilience and Sustainability Trust (RST), but global leaders are urging that more be done to aid nations grappling with the costly fallout from climate change.
"If we do nothing to move financing... by 2030, 66 percent of carbon emissions will come from the developing world," Georgieva said in an interview with AFP.
"If we want to succeed in our fight against climate change, it is paramount to move financing to where it would make a difference," she added, on the sidelines of a panel discussion on the RST.
For now, the three countries that have crossed the finish line with RST financing are Costa Rica, Barbados and Rwanda, while a deal with Bangladesh is headed for further approval.
"The interest is very significant from both low-income countries and vulnerable middle-income countries, especially small island states," Georgieva said.
She added that the IMF expects more members to commit resources "so we don't end up having to ration support for countries."
At the panel in Washington, Barbados Prime Minister Mia Mottley said long-term capital is needed for many issues, adding that debt sustainability metrics could be revisited.
"Every dollar of debt is not equivalent. A dollar of debt to build a school does not give me the same rate of return as quickly as a dollar of debt to build a geothermal facility," she said.
World Trade Organization Director-General Ngozi Okonjo-Iweala also stressed at the event the importance of supply chains when it comes to building resilience in developing countries.
"Supply chains for certain products are highly concentrated. Eighty percent of vaccines are exported from 10 countries," she said, adding that similar situations may apply to items like solar panels and chips.
"Why can't we... diversify manufacturing... so we have supply chains that are global, and diversified, and more resilient?" Okonjo-Iweala said.
A.Malone--AMWN