Barbados spearheads climate disaster financing

Barbados spearheads climate disaster financing

SHARM EL-SHEIKH, Egypt (AP) — At the United Nations climate summit in Egypt, leaders of developing countries repeatedly said it was unfair to expect them to cover the costs of rebuilding after devastating weather events in a warming world, in addition to investing in cleaner solutions. industry when they also pay much higher interest rates on loans than rich countries.

A plan proposed by Barbados Prime Minister Mia Mottley would overhaul how much of development lending works. It also gives a voice to developing countries grappling with mounting debt from climate damage.

“We were the ones whose blood, sweat and tears funded the Industrial Revolution,” Mottley said in a scathing speech. “Are we now going to face a double risk of having to pay the cost of these industrial revolution greenhouse gases?”

Debt has risen in developing countries, sapping funds for education, health and clean energy. Much of the rising debt in some Caribbean countries is linked to extreme storms, Mottley said in a recent essay. The plan would make it easier for countries in the Caribbean, Latin America, Africa and Asia to obtain funds to bolster their defenses against global warming and defer debt payments in the event of a disaster.

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