COP27: 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.

Earlier, Polish President Andrzej Duda stressed the importance of energy security as the world grapples with higher prices.

“The transition is there to serve man, not the man to serve the transition,” he said.

More than 100 world leaders are set to be in Sharm el-Sheikh over the next two weeks for the UN’s annual climate talks. They’re attempting to maintain momentum in the battle to curb planet-warming emissions.

This year, delegates are aiming harsh criticism at each