New Delhi: As leaders gather for G20 Summit in New Delhi, experts on Thursday said securing consensus on multilateral development bank (MDB) reforms and adopting rigorous language regarding the phasing down of unabated fossil fuels could enhance India s leadership role. G20 countries responsible for 85 per cent of the world s GDP and 80 per cent of the emissions
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Despite the complexity of discussions and uncertainties surrounding energy transition and MDB reforms, there is optimism that the summit s leaders can find a minimum consensus to demonstrate unity.
Experts say the majority of the funding allocated to developing countries to address the effects of climate change and achieve their climate objectives is provided in the form of loans or investments, rather than grants, which means countries have to pay it back. This is a problem because the countries that need the money the most can t afford to pay it back.