The misdirection of climate finance

A NEW study by the environment and development think tank The Breakthrough Institute has directed harsh criticism at the World Bank and other multilateral development banks for 'a major misallocation' of climate finance to low- and middle-income countries, finding that the greater part of the funding was directed to climate mitigation despite those countries contributing the least global emissions that are causing climate change.

'The current allocation of climate finance risks pushing low-income, low-emitting countries further into debt for projects that don't meet their most urgent needs,' Vijaya Ramachandran, a lead researcher on the study, said in a press release.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Unlocking urban climate finance: Key insights from IndonesiaBANGKOK — Over half of the Asia-Pacific region's population now live in cities. While urbanization brings people closer to opportunities and better services, many urban dwellers are also experiencing the adverse impacts of climate change such as floods, urban heat and infectious diseases.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

‘Give LGUs climate finance access’Makati City Mayor Abby Binay underscored the need to provide stable funding for local governments that are at the frontlines of disaster response. “For
Source: MlaStandard - 🏆 20. / 55 Read more »

Climate change finance could land at ‘hundreds of billions,’ COP29 leaders sayLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Source: gmanews - 🏆 11. / 68 Read more »