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Rich countries ‘fall below their climate promises, adding to the debt of the poor – Global issues


“Forcing poor countries to pay off a loan to deal with a climate crisis they barely caused is deeply unfair. Instead of supporting countries facing increasingly severe droughts, cyclones and floods, rich nations are diminishing their ability to cope with the next shock and making their poverty worse. They are getting worse and worse.” Credit: Credit: Manipadma Jena/IPS.
  • by Baher Kamal (Madrid)
  • Associated Press Service

The The true value of climate finance is one-third of the report by developed countries revealed that many rich countries are using “dishonest and misleading” accounting to “inflate” their climate finance contributions to developing countries – up to 225% by 2020 investigation of Oxfam International.

Inflate the figures

The report estimates only US$21-24.5 billion as the “real value” of climate finance provided in 2020, compared with the reported figure of US$68.3 billion in financing. which rich countries say has been provided (along with private financing, bringing the total to $83.3 billion).

The global climate finance target is believed to be US$100 billion a year, slightly more than the US$83 billion spent by the world’s largest nuclear powers in one year – 2021, on climate change projects. such weapons of mass destruction.

Furthermore, “the total profit of the largest energy companies in the first quarter of this year was almost 100 billion US dollars,” said United Nations Secretary-General António Guterres last August, adding that added that the big oil and gas companies are reporting “record profits”, while prices soar.

“Very misleading”

Moreover, “rich countries’ contributions not only continue to fall miserably below their promised target, but are also very misleading by frequently miscounting. They are exaggerating their own generosity by painting a rosy picture that obscures how much will actually go to poor countries,” speak Nafkote Dabi, Oxfam International Climate Policy Team Leader.

Mainly loans

“Our global climate finance is a broken train: severely flawed and putting us at risk of reaching a catastrophic destination. Too many loans are owed to poor countries that are already struggling to cope with climate shocks.”

There are too many “dishonest” and “shady” reports. As a result, the most vulnerable countries are still unprepared to face the wrath of the climate crisis, Dabi warned.

The “manipulation” of rich countries

Oxfam’s research found that instruments such as loans are being reported at face value, ignoring repayments and other factors. Too often funded projects are less climate-focused than reported, leaving the net value of support specifically aimed at climate action significantly lower than climate finance figures show. actual after-report.

Currently, loans dominate more than 70% of the supply (US$48.6 billion) of public climate finance, adding to the debt crisis in the developing world.

“Forcing poor countries to pay off a loan to deal with a climate crisis they barely caused is deeply unfair. Instead of supporting countries facing increasingly severe droughts, cyclones and floods, rich nations are diminishing their ability to cope with the next shock and making their poverty worse. They are getting worse and worse.”

Least developed countries’ foreign debt repayments will reach US$31 billion in 2020.

Such “capital” is mainly based on loans

“A climate finance system that relies heavily on loans is only making matters worse. Dabi said.

One key way to avert a full-scale climate disaster is for developed nations to fulfill their $100 billion commitments and actually address the current climate finance accounting gaps. now. “Manipulating the system will only mean that the poor countries, least responsible for the climate crisis, are the basis for the climate bill,” said Dabi.

Stop all efforts

Other findings from this global coalition of 21 member organizations and affiliates show that an average of 189 million people a year have been affected by extreme weather events involving developing countries since from 1991 – the year when a mechanism was first proposed to address the costs of climate impacts on low-income countries.

Report, Cost of delayby the Loss and Damages Cooperation – a group of more than 100 researchers, activists and policymakers from around the world – highlighting how rich countries have consistently stalled efforts provide dedicated financing to developing countries bearing the cost of the climate crisis that they have done little to cause.

Six fossil fuel companies

“The analysis shows that in the first half of 2022, the six fossil fuel companies combined made enough money to cover the costs of extreme weather and climate-related events in developing countries. grow and still have nearly $70 billion in profit.”

The report revealed that 55 of the most climate-vulnerable countries have suffered climate-related economic losses totaling more than half a trillion dollars in the first two decades of this century. as fossil fuel profits soar, leaving people in some of the poorest places on earth to walk the bill.

Super profit. And mass deaths

It also revealed that the fossil fuel industry made enough excess profits between 2000 and 2019 to offset the cost of climate-induced economic damage in 55 of the most vulnerable countries. most vulnerable to climate, nearly 60 times more.

The report It is estimated that since 1991, developing countries have experienced 79% of recorded deaths and 97% of all recorded people affected by the effects of extreme weather.

The analysis also shows that the number of extreme weather and climate events experienced by developing countries more than doubled during that period with more than 676,000 deaths.

The entire African continent generates less than 4% of global emissions, and the African Development Bank recently reported that the continent is losing between 5 and 15% of its Gross Domestic Product (GDP) growth. ) per capita due to climate change.

Huge profit

“It is unfair that polluters are disproportionately responsible for the continued increase in greenhouse gas emissions,” said Lyndsay Walsh, climate policy adviser at Oxfam and co-author of the report. continue to reap these huge profits while climate-vulnerable countries are subject to the bill as climate impacts destroy people’s lives, homes and jobs. “

Meanwhile, aside from manipulating the numbers and continuing to owe the poor, business continues as usual. The biggest polluters – private companies using fossil fuels earn more and more profits, and politicians of rich countries is expected to increase subsidies for these fuels to nearly seven trillion by 2025.

© Inter Press Service (2022) – All rights reservedOrigin: Inter Press Service

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