Climate-vulnerable countries spend 25 times more on debt than on climate action, report finds
By: Jennifer Nerkie Kenney The world’s most climate-vulnerable countries are spending nearly 25 times more on debt repayments than on climate action, according to a new report by ActionAid released on September 16 in the run-up to the Global Week of Climate Action. The report, titled ‘Debt fuels the Climate Crisis: How the Finance Flows’, […]
A new report by ActionAid, titled 'Debt fuels the Climate Crisis: How the Finance Flows', reveals that the world's most climate-vulnerable countries are spending nearly 25 times more on debt repayments than on climate action. The analysis, conducted across 65 of the most vulnerable countries, found that debt servicing absorbs 65% of their combined government revenue, leaving little room for resilience and public services.
The report also highlights that 93.5% of these countries are in or at significant risk of debt distress, and that cancelling their debt could fund their basic national climate plans six times over.
Brief written by urgent.news from GBC Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
