Rich nations to Poor: Here’s your climate change money. Oh, sorry, maybe not….
Depending on the source of the analysis, the cost to halt climate change and hold the world’s temperatures near current levels could cost as much as $1 trillion a year. Others put the figure at various permutations of several hundred billion.
READ MORE ABOUT FUNDING TO FIGHT CLIMATE CHANGE
Trillions Of Dollars Needed To Reverse Climate Change, but who the Heck will pay?
Saudi Aramco just made enough money to fund half of UN climate commitment
One new analysis, from Climate Central, reports that at $700 billion a year, the “Increased funding would be used to help nations, especially in developing countries and Indigenous lands, conserve nature within their borders by establishing protected areas, completing restoration projects and increasing sustainability on farms.”
Sounds hopeful, but one thing is for certain: Developed nations are not giving or lending developing nations adequate funds to change direction — and money that has been slated to help poorer nations are often diverted to relatively rich ones.
For instance, developed economies have agreed to an obligation of $100 billion a year to developing nations; however, a Reuters study shows that much of the money goes on a round-trip of capital. “At least another $11 billion in loans — nearly all from Japan — required recipient nations to hire or purchase materials from companies in the lending countries,” Reuters reports. Loans offered by the EU were made on a similar basis.
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