A top-level meeting in Paris next month will lay out a $100 billion plan to drive more money into climate and development finance in poorer countries by providing currency guarantees to investors, according to a document seen by Reuters.
The plan, which has not previously been reported, was sent to the world's governments ahead of the "Summit for a New Global Financing Pact" in Paris in June as part of the Bridgetown Initiative spearheaded by Barbados leader Mia Mottley.
The guarantees would be for "just green transition investments", which one source involved in the plans said could include "green" bonds focused on environmentally friendly projects as a well as others such as ocean-focused "blue" bonds.released at the COP27 climate talks suggested developing countries would need $1 trillion a year in public and private money annually by 2030 to tackle global warming, yet to-date capital flows are just a fraction of what is needed.
As well as the currency idea, the document also gives more detail on the main objectives of Version 2.0 of the Bridgetown Initiative, which has become a heavyweight voice over the last 18 months in global climate and sustainability discussions.
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