The world’s poorest and most climate-vulnerable countries are spending billions of pounds more to repay debts than they receive in funding to fight climate change, new research shows.
The analysis, from the International Institute for Environment and Development (IIED) think tank, finds that in 2023 – the most recent year for which data was available – the 59 countries that represent the world’s least developed countries and small island developing states paid US $37 billion (£28bn) to service their debts, but received only $32 billion (£24bn) in climate finance.
The findings reflect a “vicious cycle”, where countries are being forced to borrow more money to cover costs for a climate crisis they have barely contributed…