74 economies and banks commit to affordable climate financing

Seventy-four economies, led by a coalition of major development banks, launched an international initiative called the "Transition from Vulnerability to Sustainability Agreement" (V2V) aimed at providing cheaper, more stable financing for countries affected by climate change, especially those facing increasing climate shocks and high debt costs. The initiative seeks to address financing gaps caused by global crises and to enable a broader response to climate emergencies, focusing on sectors such as water, education, and health, and developing financing tools to help maintain essential services during crises. Additional details of the initiative will be presented at the upcoming meetings of the World Bank and the International Monetary Fund in October.

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