International Financial Architecture : Need for Comprehensive Reforms - By Ranjeet Shah

The emerging polycrisis is challenging governments and institutions around the world. Especially countries in the Global South lack the financial capacity to address the current challenges and simultaneously prepare their nations for the impacts of climate change. The existing international financial architecture has so far been unable to provide the necessary financial resources. At the same time, recent reports from the IPCC and other expert groups highlight the need for a substantial increase in financial resources for developing countries by 2030.

During the recently held COP28 Summit, the Global Stocktake underscored the importance of reforming the multilateral financial architecture, and accelerating ....