Amid global concerns about wealthy nations’ reported unsatisfactory financing to climate havoc in developing countries, former president Joyce Banda has called on G7 leaders to honour their pledges to support countries like Malawi rebuild from climate disasters.
Recently, a number of reports have revealed failures by the wealthy nations to meet their pledge to finance poor nations struggling from climate change
For example, a data analysis which Reuters released in May found that “wealthy countries sent climate funding to the developing world in recent years with interest rates or strings attached that benefited the lending nations”.
Banda, who is also Pan African champion for climate justice, made the remarks in a statement prior to G7 summit which was held early in the week.
She said it was worrisome that during the world leaders meeting at the Baku Global Forum in Azerbaijan recently, western governments were reluctant to make financial commitments to help countries suffering from climate change to recover.
According to Banda, a decade ago, climate leadership meant building the foundations of global agreements and that today, it means delivering on them.
She said Italy’s Prime Minister Giorgia Meloni, as leader of G7 countries, needs to help others deliver practical answers on climate finance, food security, energy access, and sustainable development.
“Rising to this opportunity would mean prestige for Italy, but relief for countries like Malawi, which have been hit by a wave of climate catastrophes and are still waiting for financial promises to be fulfilled,” she said.
Banda said the Paris Agreement cannot be delivered without the finance to back it up.
“And if the G7 doesn’t move on finance, nobody else will. We have done the least to contribute to this crisis, and rebuilding after extreme floods and freak storms requires resources that we do not have. Meloni should push for continuous financing of the Loss and Damage Fund, and more adaptation finance to help countries defend themselves from a hotter, less stable climate,” she said.
According to Banda, a robust G7 deal would deliver on a new global climate finance target and improve the contribution of development banks, like the World Bank, to climate finance.
Last year, Cyclone Freddy claimed over one thousand lives, displaced more than 650,000 Malawians.
It destroyed the crops of two million farmers and killed almost 1.5 million livestock.
Over the past 10 years, Malawi has suffered a slew of climate disasters ranging from cyclone, floods and droughts.
