When it comes to fighting it climate crisis, means that the world has reached a dangerous tipping point. However, as representatives of global finance and development gather in Washington for the spring meeting The World Bank and his International Monetary Fundmaybe it’s time to give it a new chance.

Today, the poorest countries bear the highest human cost due to the effects of climate change. They also pay the highest price to access money and use it to prosper. For example, when talking about solar power in Ghana, we have to consider that the cost of a loan can be five times higher than in Germany, making the cheapest form of electricity out of reach for those who need it most.

To eliminate emissions by 2050 and limit global warming to 1.5 degrees Celsius, the poorest countries, responsible for much of the future increase in carbon dioxide emissions, urgently need innovation and support. Developing countries outside of China need about $2 trillion. USD per year by 2030, according to a Climate Finance report. However, it is difficult for developed countries to meet long-term commitments and finance them with $100 billion a year. Multilateral development banks such as the World Bank can help. However, current climate finance mechanisms from developed to developing countries are inefficient, insufficient and unfair.

A new and radical approach is needed. It’s best to use the new scheme presented at the COP27 climate summit in November called “1% for 1.5°C”. The idea is for multilateral development banks to provide favorable financing terms to middle-income countries as well as low-income countries. These countries, such as Pakistan, Nigeria and Barbados, will be able to borrow at 1% per annum to pay for renewable energy and basic infrastructure that can help them cope with growing climate change risks, with a 10-year grace period during which they nothing would have to be paid back, followed by a 20-year repayment phase.

* Senior UN Representative on Climate Change.