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SDRs Are the Great Untapped Source of Climate Finance

Instead of bickering over the wording of national policy commitments, G7 countries should advance new issuances of special drawing rights, the International Monetary Fund’s reserve asset. By reallocating existing SDRs, rich countries could unlock funding for climate-mitigation projects across the developing world.

NEW DELHI – The United Nations Climate Change Conference (COP28) in Dubai is an opportunity to reflect on what these large, costly, and carbon-intensive international summits aim to achieve. Instead of being cynical exercises in pointless pageantry, such gatherings could serve as platforms for advancing the transformative changes required to mitigate the worst effects of today’s climate crisis.