Deputy Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), Pedro Manuel Moreno, called, here Wednesday, for increasing climate change financing, notably in the form of loans on preferential terms.
For many developing countries, mobilizing funds for climate action is “a great challenge”, particularly given their debt burden, Moreno said at an international conference under the theme “Sustainable development: competitive challenge and growth drivers”, adding that this burden leaves them with very little room to invest in climate change mitigation and adaptation.
The UN official called for a just and solidarity-based transition involving a political framework for reducing greenhouse gas emissions that simultaneously tackles inequalities, guarantees fair distribution of transition costs and ensures that transition profits are widely shared.
Moreno also underlined that laws and policies relating to competition and consumer protection play a key role in supporting sustainable development initiatives, addressing market failures and helping to guarantee fair conditions in which businesses and consumers can make the best choices.
Held by Morocco’s Competition Council in partnership with the European Union, this international conference brings together institutional stakeholders as well as national and international experts.
It aims to examine several issues, notably the impact of the transition to a greener economy, competition, financing of sustainable development, the impact of sustainable development on global production chains, responsible consumption and inflation.