Debt costs overshadow climate finance in small island states: Report

LONDON - Small developing island states heavily exposed to the effects of climate change and often in critical debt situations spend at least 18 times more on debt servicing than they receive in climate finance, a report showed.

The Eurodad report found that the island states from Guinea-Bissau to the Dominican Republic to Samoa received just US$1.5 billion in climate finance between them between 2016-2020. Public debt levels in the island states had risen from an average of near 66 per cent of GDP in 2019 to nearly 83 per cent in 2020 and were set to remain above 70 per cent until 2025, the report found.

More countries had turned to the International Monetary Fund for help, with the number of countries having programmes with the fund jumping from three in 2019 to 20 between 2020 and 2021.

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