OECD report confirms too much climate finance as loans forcing poorer nations into debt

In response to today’s report by the Organization for Economic Co-operation and Development (OECD) on the flow of climate finance from developed countries to developing countries, Tracy Carty, senior policy adviser on climate change at Oxfam, said:

“These figures confirm that far too much of the climate funding from governments and development banks is in the form of loans that force poorer countries to fall further into debt as they struggle with the effects of climate change. It is especially unfair that a meager 14 percent of climate finance goes to the least developed countries and only 2 percent to small island developing countries, which have done the least to cause the climate crisis, but are hit the hardest.

“Climate finance is a lifeline for communities that have record heatwaves, terrifying storms and devastating floods. Rich countries need to stop inflating their numbers with loans that will be repaid, and start raising grants, especially for the most vulnerable countries to To adapt.”


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