Pakistan's Sherry Rehman said climate finance debt is pushing developing countries into "recovery traps".
Activists are urging these institutions to offer more non-debt finance and take concrete steps towards providing debt relief, with some recent signs of progress.“The world is slowly waking up to the ‘climate-debt nexus’ and testing solutions to reduce the debt burden, but the change is happening far too slowly”, said Sejal Patel, senior researcher at the International Institute for Environment and Development (IIED).
Nations like hers spend more on interest payments than on health, education and infrastructure, which are critical expenditures for protecting people from climate disruptions to food, water and housing.“Trying to fund resilience while falling further into debt is what I call recovery traps,” Rehman said.
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