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.

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