Billions of dollars are being loaned on high-interest terms to poor countries seeking help to cope with the impacts of climate breakdown, according to an Oxfam report.
The loan terms risk storing up debt burdens lasting far into the future, the charity says.
Poor countries are reported to have received about $60bn (45bn) of climate finance from rich governments and publicly funded institutions in 2017-18, the latest year for which reliable data is available. Oxfam estimates that the amount that actually reached them was more like $19bn to $22.5bn when interest, repayments and other costs are subtracted.
The worlds least developed countries received $3.2bn in loans in 2017-18 to help them with the costs of adapting to the ravages of the …
Read the full article at: https://www.theguardian.com/global-development/2020/oct/20/climate-finance-driving-poor-countries-deeper-into-debt-says-oxfam
