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Special Drawing Rights must urgently be part of the COP 28 agenda

(Extract)

There is an ecological debt that developed countries have with the Global South. The climate crisis is our present and immediate action is needed from the global financial community.

In the face of a severe climate crisis that will only get irreversibly, catastrophically worse without urgent and immediate action, we call on the world leaders at COP28 to realise the potential of new and existing SDRs to help achieve national climate goals and get back on track with the SDGs. SDRs can provide this contribution through, for instance:

  • A new issuance of SDRs for immediate global relief, and regular, periodic SDR issuances for climate investments;
  • Targeted allocations that distribute SDRs more effectively toward all low- and middle-income countries;
  • Reforms to broaden SDR rechanneling mechanisms while minimising debt and conditions attached to their use.

We ask you to consider these actions while ensuring that they are additional to ODA and the commitments of developed countries to jointly mobilise USD 100 billion in climate finance.

The full version with all signatories can be found on the website of Latindadd

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