(English) Climate loan sharks: how the UK is making developing countries pay twice for climate change

Print Friendly, PDF & Email

In Climate loan sharks, the World Development Movement and the Jubilee Debt Campaign reveal that the UK is pushing $1.1 billion of climate loans, via the World Bank, on some of the poorest countries in the world.

For example Grenada’s debt is already 90 per cent of GDP, yet it is to be lent a further $22 million, over 3 per cent of the country’s GDP. Lending to such debt burdened country is at best irresponsible and at worst wilfully dangerous.

The UK, and other rich industrialised countries in the global north, owe a debt to countries in the global south as compensation for the devastating effects of climate change they have the primary responsibility for creating. A key part of this compensation is providing finance to poorer countries to help reduce the negative impacts of climate change on their lives and livelihoods.

The report finds:

  • The UK is providing most of its climate finance for adaptation in the form of capital that can only be dispersed as loans through the World Bank’s Pilot Program for Climate Resilience (PPCR). Of the capital that will be given out as loans via the PPCR, 97 per cent comes from the UK.
  • Of the 11 country proposals developed so far under the PPCR, at least $1.1 billion (£704 million) of finance will be in the form of loans, making up over half of the total finance provided to ‘help’ poor countries adapt to climate change.
  • $419 million (£263 million) of the money for loans proposed through the PPCR  proposals come from the UK government.
  • The idea of climate loans was created by the UK Labour government as an accountancy trick to make its balance sheet look better, a policy continued by the current coalition government. Download the report

Further reports from WDM and other NGO’s about this theme:

Time to stop bankers betting on hunger

Report condemns EU push for biomass-fuelled ‘green economy’ at Rio+20 

WDM demands UK-Governement: Stop pushing climate loans on developing countries    

London: The people versus the Banks: WDM activist conference 2012

Barclays accepts shame award for its role in causing hunger across the world

Über Gerd M. Müller

Der Zürcher Foto-Journalist Gerd Michael Müller gründete vor 20 Jahren die Presse- und Bildagentur GMC Photopress. Müller arbeitet seit über 25 Jahren in der Tourismus-, Medien- und Kommunikationsbranche. Er hat über 1000 Publikationen und Reisereportagen in renommierten Medien veröffentlicht (u.a. «Welt am Sonntag», «FAZ», «FACTS», «Weltwoche», «SonntagsZeitung», «Globo», «Animan», «Reisen & Kultur-Journal», «FAZ», «Spiegel», «Süddeutsche Zeitung») und darüber hinaus auch für hochkarätige Spa- and Travel-Magazine wie «Relax & Style», «Tourbillon», «Excellence International», «World of Wellness» und «Wellness Live» gearbeitet. GMC Photopress besitzt ein umfangreiches Bildaurchiv mit rund 250'000 Bildern aus über 80 Ländern zu den Themen Lifestyle, Luxus, Beauty & Spa, Kultur, Touristische Highlights, Natur, Landschaft, Wildlife, Umwelt, Humanitäres und Soziales.
Dieser Beitrag wurde unter CO2-Ausstoss, Destinations, EUROPA, GROSSBRITANNIEN, INTERNATIONAL, London, NGO's, STÄDTE-PORTRAITS, Umwelt, WDM abgelegt und mit , , , , verschlagwortet. Setze ein Lesezeichen auf den Permalink.

Schreibe einen Kommentar

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert.