‍

Leading up to the UN's Summit for the Future, ActionAid released a report emphasising the importance of fixing the world's financial flows to address the climate crisis. The research reveals that the fossil fuel and industrial agriculture sectors are receiving substantial annual subsidies from Global South governments, amounting to billions of dollars. These subsidies far exceed the climate finance grants from the Global North, hindering the necessary transition to green, resilient, and people-led climate solutions. The report then recommends a shift towards mobilising more private finance and loans rather than solely relying on grant-based climate finance, debt cancellation, tax justice reforms, regulation of private finance, and the re-allocation of public subsidies as real solutions.