Climate-vulnerable countries push for credit rating overhaul
The U.N. meeting in New York is the second of four to set goals for a major finance conference in Spain next year, where heads of state will look to step up efforts to meet the world's climate and sustainability targets.
At the forefront of the talks are 39 so-called Small Island Developing States (SIDS) — including Cuba, Haiti, Fiji and the Maldives — that are bearing the brunt of increasing tropical storms, flooding, erosion and rising sea levels.
Proponents of the initiative say the current ratings system undermines their ability to raise funds because it focuses on the potential economic damage from their exposure to the effects of climate change.
«For the first time, the credit rating issue is on the table and it's being negotiated,» said Ritu Bharadwaj, director of climate resilience and finance at the International Institute for Environment and Development.
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