UN report highlights cautionary tales of climate finance that backfires

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With rising seas threatening the Samoan village of Lalomalava, the South Pacific island nation used climate adaptation financing in the 2010s to build a seawall that would help protect homes and a main tourism resort.

But the barrier, once built, wasn't long enough to shield the entire village, leaving some families to face even bigger waves diverted along the shore. And the tourists weren't thrilled about the rock walls that replaced the resort's sandy beaches.

As countries race to protect their communities and infrastructure from climate impacts, they need to weigh how climate change will develop. Also potentially troubling were projects for planting trees in historically unforested areas or suppressing wildfires in naturally fire-adapted ecosystems. Some projects, such as energy-intensive water desalination, can lead to increased greenhouse gas emissions. And green infrastructure in cities is often located near high-income communities, leaving more vulnerable residents with fewer resources to cope on their own.

Other banks are following a similar thought process. The European Investment Bank launched its first dedicated Adaptation Plan in November, aiming to triple investment to 4 billion euros a year by 2025.

 

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Finally an article that shows what happens when you just throw money at a 'problem' with little foresight and oversight.....wasted monies, unintended results, insufficient solutions....but don't turn off that money spigot....find out who got rich off these projects!

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