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Dear readers,
This week the French government is hosting a conference to discuss how more money can flow to developing countries for climate and development purposes. CSE is attending the summit and has released a position paper which finds that the Global South cannot take on more climate ambition – that is stricter targets to cut emissions – whilst existing in a financial system that is inequitable by design. Countries of the South are deep in debt. Our analysis shows that many low and middle-income countries pay more in debt repayments per year than what they would need to spend annually to achieve their climate goals.Accessing money for climate investments is costlier for developing countries because they are perceived to have a more ‘high-risk environment’ – a subjective assessment. This means a higher cost of capital – i.e., higher interest rates on loans and higher expected returns on equity. This hinders the economic attractiveness of clean energy investment in these countries, even if they possess rich renewable resources. And this, while climate finance from developed countries is already inadequate.
It is unacceptable that it is being said at UNFCCC forums that developing countries do not want to take on climate ambition. The reality is that most of them simply cannot afford it.This system is broken and needs urgent reform. Our webinar this week convened speakers from the governments of India and Barbados, academia and think tanks to discuss what the Global South should demand at the upcoming finance summit in Paris.
The Bonn climate conference wrapped up last week to disappointment on this very issue of finance. Developing countries dug in their heels and said that can be no discussion on enhancing mitigation ambition for them without an accompanied discussion on enhancing financial support ambition from developed countries.
Meanwhile, cyclones and heatwaves continue to batter India.
Lastly, the Climate Change programme at CSE is hiring.
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By - Avantika Goswami
Climate Change, CSE
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CSE AND DOWN TO EARTH REPORT LIVE FROM BONN CLIMATE CONFERENCE |
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| EXTREME WEATHER TRACKER |
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Kolkata records warmest June night as 7 Bengal districts among country’s 26 facing heatwave, 14 June 2023
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Odisha reels under intense heatwave conditions; IMD issues orange alert, 13 June 2023
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CLIMATE NEWS | SCIENCE| IMPACTS| POLITICS |
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