Asia’s poorest countries owe twice as much in debt as they receive in climate finance: IIED

Quick Summary:

Ahead of COP29, a study by International Institute for Environment and Development shows that Asia's least developed countries have debt growing at a faster rate than climate support.

Despite this, the international financial system for developing and climate-vulnerable countries is still “flawed”, as it piles up interest and pushes governments further into the red and forces them to cut vital spending, said Patel.“The international financial system is a relic of the 20th century.

The research comes ahead of international summits like the World Bank’s and International Monetary Fund’s annual meetings that take place this month along with the G20 leaders meeting, and the nature and climate COPs, where finance will be the key topic.

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Author / Journalist: Hannah Alcoseba Fernandez

Category: EconomyBusiness

Markets: SingaporeAfghanistanAustraliaAzerbaijanBangladeshBarbadosCambodiaJapanLaosMyanmarNepal

Topics: UN COP29 Climate finance Financing Climate World Bank Floods Adaptation Pandemics Resilience Natural disasters Typhoon IMF

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-17 @ 09:00:00 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 840 words

Reading Time: 5 minutes read

Sentences: 32 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Eco-Business

News ID: 23101748

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