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LATEST NEWS UPDATES | Despite Talk of New Funds for Climate Change, Rich Nations Are Only Diverting Development Aid -Aathira Perinchery

Despite Talk of New Funds for Climate Change, Rich Nations Are Only Diverting Development Aid -Aathira Perinchery

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published Published on Jun 23, 2022   modified Modified on Jun 24, 2022

-TheWire.in

A new report finds that richer countries' tendency to reroute funds meant for development – including those meant for poverty eradication – harms poorer countries. But this is unsurprising, say experts.

Kochi: Despite their promises, developed countries have not committed new and additional funds to developing countries to help them deal with climate change, found a new report released on June 23.

Instead, developed countries are diverting funds meant for development – including those meant for poverty eradication – for the climate cause.

The June 23 report by the Climate Change and Resilience Information Centre (CARE), an international humanitarian aid organisation, found that these countries have diverted as much as $103 billion in this manner. This is a problem because it takes funds away from activities that would have helped countries achieve specific Sustainable Development Goals (SDG), which are also key to tackling climate change in a just and equitable manner.

India has repeatedly highlighted the need for climate finance for developing countries. That developed countries are not delivering new funds as promised is “unsurprising”, climate scientists said. The report recommends several steps, including instituting clear definitions of what “new and additional” funds mean, to put climate finance back on track.

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TheWire.in, 23 June, 2022, https://thewire.in/environment/despite-talk-of-new-funds-rich-nations-are-only-diverting-development-aid-to-tackle-climate-change


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