“Private Finance is a Trojan horse,” designed to scale up extraction in the Global South

With negotiations on Article 2.1c and the Baku to Belém Roadmap taking place at UN climate talks in Bonn this week, the role of private finance is in the spotlight.  

Teresa Anderson, Global Lead on Climate Justice at ActionAid, said, “A consistent message we hear from rich countries at climate talks is that their pockets are empty, there’s no public finance, and that private finance is needed to 'fill the gap' in climate finance.

But it’s not that private finance is “low quality” climate finance. Private finance is the way for financial actors in rich countries to scale up their extraction, profits and political leverage over the Global South.

When it comes to climate change, Private Finance is a Trojan Horse. At climate negotiations, developing countries need to say “neigh”.