Climate financing adds to poor countries debt pile: Oxfam
- Posted By
10Pointer
- Categories
International Organisation
- Published
27th Oct, 2020
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- Climate finance shadow report 2020 released by Oxfam– assessing progress towards the $100 billion commitment by developed countries.
- In 2009, developed countries had commited to mobilise $100 billion every year by 2020 to help developing countries cut their carbon dioxide emissions and adapt to the effects of climate change.
- As of now, developed countries have pledged around $59 billion in 2017-18 out of which around $47 billion was forwarded as loans.
- The money being pledged by developed countries to their developing countries as climate assistance was making them sink into ever-increasing debt.
- According to the report, only around a third of climate finance projects are estimated to take account of gender equality. And only a fifth (20.5%) of climate financing went to Least Developed Countries (LDCs) and just 3% to Small Island Developing States (SIDS).
- The report recommends: Climate financing can be funded through a range of sources including redirecting some fossil-fuel subsidies which cost governments over $320 billion in 2019 alone.
- It suggests, that developed countries should scale-up grant-based financing for adaptation and reduce the share of climate financing provided in the form of loans.
- To mobilise more private, locally led and gender responsive finance.
- To increase Grants and Finance for Least Developed Countries (LDCs) and Small Island Developing States(SIDS).
