New research by Oxfam and CARE Climate Justice Center, published recently, finds developing countries are now paying more back to wealthy nations for climate finance loans than they receive- for every 5 dollars they receive they are paying 7 dollars back. 65% of funding is delivered in the form of loans. This form of crisis profiteering by rich countries is worsening debt burdens and hindering climate action. Compounding this failure, deep cuts to foreign aid threaten to slash climate finance further, betraying the world’s poorest communities who are facing the…
Read MoreTwo-thirds of climate funding for Global South is loans as rich countries profiteer from escalating climate crisis
