More than 50 countries are going to default according to UN official while talking to an audience during the COP27 summit. The situation of the poorest economies has been worse amid growing energy and food crises and inflation. Achim Steiner, the UN global development chief, argued that the UN has listed 54 countries that are on the brink of bankruptcy.
The Debt Crisis
The debt crisis has now become a serious concern for the developing world amid intense concerns about climate change. While speaking at the COP27 summit, the UN global development chief argued that a Srilanka, situation, can erupt in many countries around the globe. He called upon the rich countries they should invest in the ‘energy transitions and adaptation’ plans of the developing nations.
During the COP27 summit speech, Achim Steiner said that COP27 must believe in a plan, unlike the previous summits. The world must commit to investing and providing for the damage and loss caused by climate change.