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Rich Nations Are Profiting Billions From Climate Aid
Far from those responsible for climate change trying to fix their mess, they’re robbing those most affected blind.
Way back in 2009, COP15 was held in Copenhagen, and the climate summit ended with a milestone agreement. Developed countries committed to providing $100 billion annually in climate finance by 2020 to help developing countries respond to and mitigate the effects of climate change. Well, I have some good and bad news about this pledge. The good news is that we have provided these developing countries with these desperately needed funds. The bad news is that our governments are profiting billions of dollars off this scheme by ladening these countries with unnecessary debt at high-interest rates or only releasing funds if the countries agree to ludicrous conditions. As such, these developed countries aren’t actually paying to repair the damage their rampant pollution has caused but, instead, channelling all these funds back into their economies at the expense of those already suffering.
This revelation came from an investigation by Reuters. For years, headlines only covered and celebrated how much money was being transferred from developed countries to developing countries to help them fight climate change, not what conditions these funds were…
