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LET US HELP YOU HELP US. G7 profit and loan report 2024.
Japan, France, Germany, the United States and other wealthy nations are reaping billions of dollars in economic rewards from a global program meant to help the developing world grapple with the effects of climate change, a Reuters review of U.N. and Organisation for Economic Cooperation and Development data shows.
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The financial gains happen as part of developed nations' pledge to send $100 billion a year to poorer countries to help them reduce emissions and cope with extreme weather. By channeling money from the program back into their own economies, wealthy countries contradict the widely embraced concept that they should compensate poorer ones for their long-term pollution that fueled climate change, more than a dozen climate finance analysts, activists, and former climate officials and negotiators told Reuters.
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At least another $11 billion in loans—nearly all from Japan—required recipient nations to hire or purchase materials from companies in the lending countries. And Reuters identified at least $10.6 billion in grants from 24 countries and the European Union that similarly required recipients to hire companies, nonprofits or public agencies from specific nations—usually the donor—to do the work or provide materials.
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Many of the conditional loans and grants Reuters reviewed were counted toward developed nations' pledge to send $100 billion a year by 2020 to poorer countries disproportionately harmed by climate change. First made in 2009, the commitment was reaffirmed in the 2015 Paris climate agreement. Roughly $353 billion was paid from 2015 through 2020. That sum included $189 billion in direct country-to-country payments, which were the focus of the Reuters analysis.
"a new wave of debt caused by climate finance"
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concessional capital, Debt-for-Climate Swaps, Green Bonds
"It should also be emphasized that the climate finance provisions of the Paris Agreement are not based on 'making amends' for harm caused by historic emissions," the U.S. State Department spokesperson said, when asked whether collecting market-rate interest and financial rewards contradicts the spirit of the climate finance program.
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Echoing years of pleas from developing nations, UNFCCC Executive Moron Simon Stiell has publicly urged wealthy nations to offer so-called concessional loans, with very low interest rates and long repayment periods. This makes them less costly than those sold on the open market. UNFCCC and OECD had no comment for this report. UNFCCC instead referred Reuters to Stiell's past remarks.
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by Cat on Thu May 23rd, 2024 at 03:00:06 AM EST
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