COP27: Multi-lateral lenders have failed poorest - Commonwealth

STORY: Pressure on development finance institutions such as the World Bank has grown over the last year amid concern not enough money was being funnelled to developing countries to help them prepare for and withstand the impacts of global warming.

As secretary general of the Commonwealth, a voluntary association of 56 countries that evolved out of the British Empire, Scotland said the current global financial architecture was not fit for purpose.

While in the past, fiscal prudence was seen as the best way to manage and grow a country's economy, thereby meeting the needs of the people, climate change had upended the calculation.