Financial Times: West Must Prepare for more Green Finance during COP27

The British Financial Times reports that the developing world and poor countries urgently need financing to shift from dirty activities "like burning coal" to activities that preserve the environment.

Western private sector capital is currently moving away from developing countries, partly due to political risks and currency crises, but it also reflects a lack of data needed to make credit decisions and the fact that developing country projects tend to be too small and too opaque to meet standards investment funds.

So far, efforts to fill this gap have mostly focused on public or charitable funds, the newspaper added.

But in the upcoming COP-27 discussions there are demands for more climate assistance from rich nations, which seems unlikely given that rich nations, unfortunately, have yet to fulfill their 2015 pledge to provide $100 billion in annual assistance needed to combat climate change.