COP27 latest: African leaders say they need cash not cheap loans

South Africa’s President Cyril Ramaphosa said more climate funding needs to come in the form of grants and concessional loans, to avoid the continent ramping up debt. Ramaphosa called on multilateral development banks to change their approach to climate finance, saying support is out of reach for most of the world’s population. The institutions are “risk averse” and their funding offers “carry onerous costs,” he said at the COP27 conference in Egypt.

Masisi’s words echoed pronouncements made by politicians from South Africa to Barbados for a rethink on how climate finance is channeled to the developing world. China to Working on Tighter Climate Laws China is pushing forward amendments to national laws to help cut carbon emissions, Wang Yi of the Chinese Academy of Sciences said. There could be changes to 20-30 laws in China, with work accelerating after the people’s congress in March next year, he said.

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