Oxfam Asia doubles down on questioning multilateral banks' pursuit of private climate finance

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The story "Oxfam Asia doubles down on questioning multilateral banks&#039; pursuit of private climate finance" was covered 13 hours ago by Eco-Business, a news publisher based in Singapore.

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Eco-Business 13h ago

Oxfam Asia doubles down on questioning multilateral banks' pursuit of private climate finance - Eco-Business

Quick Summary:

Sunil Acharya, Oxfam’s policy and campaigns coordinator for Asia, tells Eco-Business why he thinks the greater use of guarantees to mobilise financing in the private sector is problematic, especially as MDB lending is still at market rates.

In this interview, Acharya shares more about Oxfam’s advocacy at the COP29 summit that concluded last November in Baku, Azerbaijan, why he thinks guarantees from MDBs won’t help in closing the climate finance gap, and how he sees his team engaging with these institutions.

For example, the analysis we did on ADB last year also found that the bank overstates its climate finance numbers, with potential over-reporting of 44 per cent on average for the assessed projects, which were 15 of ADB’s largest projects for financial years of 2021 and 2022.