Home Sci-TechEnvironment Africa: OECD Report Confirms Far Too Much Climate Finance Given As Loans That Force Poorer Nations Into Debt

Africa: OECD Report Confirms Far Too Much Climate Finance Given As Loans That Force Poorer Nations Into Debt

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Responding to today’s report from the Organisation for Economic Co-operation and Development (OECD) on flows of climate finance from developed countries to developing countries, Tracy Carty, Senior Policy Advisor on Climate Change at Oxfam said:

“These figures confirm that far too much of the climate finance from governments and development banks is in the form of loans that force poorer nations to fall further into debt as they struggle with the impacts of climate change. It is particularly unjust that a paltry 14 percent of climate finance is going to the least developed nations and just 2 percent to small island developing states, which have done least to cause the climate crisis but are being hit hardest.

“Climate finance is a lifeline for communities facing record heatwaves, terrifying storms and devastating floods. Wealthy countries should stop inflating their figures with loans that will be repaid, and start increasing grants, especially for the most vulnerable countries to use for adaptation.”

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