Rich nations seek financial leverage to fund climate aid for poorer countries, but concerns over debt loom large

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Rich nations seek financial leverage to fund climate aid for poorer countries, but concerns over debt loom large - Business Mirror

Quick Summary:

BAKU, Azerbaijan—Just as a simple lever can move heavy objects, rich nations are hoping another kind of leverage—the financial sort—can help them come up with the money that poorer nations need to cope with climate change.

But when it comes to compensating poor nations already damaged by climate change—such as Caribbean nations devastated by repeated hurricanes—leverage doesn’t work because there’s no investment and loans.

And sometimes the leveraged or mobilized money doesn’t quite appear as promised, he said.“All of these things are just nice ways of saying more debt,” Robertson said.“Are we here to address the climate crisis, which especially small developing states, least developed countries, have basically done nothing to contribute to it?