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The AU Needs IMF to Release $650 Billion in Social Drawing Rights to Combat the Climate Crisis

The 55-member group also demanded that at least $100 billion in existing SDRs be channeled to Africa through institutions such as the African Development Bank, with a group of donors to be established by the time the COP28 climate summit starts on Nov. 30. Multilateral development banks should be recapitalized to provide at least $500 billion in concessional finance a year, it said. The list of demands in an updated declaration from the continent’s first climate summit are considerably stronger than an initial announcement on Sept. 7 in Nairobi, Kenya, which focused on debt relief and climate finance to fund renewable energy. Government delegations argued late into the night earlier this week on the wording of the statement that will serve as their unified position at COP28 in Dubai.