Poorer countries spend five times more on debt than climate crisis – report
Climate change
According to the report by leading anti poverty charity group poor countries spend five times more debt than coping with impact of climate change.
The report comes ahead of the COP26 climate summit that is scheduled to take place from 31 October 2021 to 12 November 2021 in Glasgow, Scotland, to discuss about the countries commitment to slow down climate change and keep global warming to 1.5 degrees Celsius.
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Reports claim that 34 of the world's poorest countries are spending $29.4billion on debt payments a year compared with $5.4billion to cope with the impact of the climate change.
Uganda spend $537million between 2016 and 2020 on climate related projects. However spent $107.4million annual debt in 2021,reports said.
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Uganda is not the only low income country according to report there are 34 more countries spend seven time more debt than coping with impact of climate change.
When resources are desperately needed to fight the climate crisis, low-income countries are giving billions of dollars to rich countries, banks and international financial institutions to repay loans.
In the UN climate talks in Copenhagen in 2009, rich countries had commited providing funding worth $100billion a year to developing countries to help deal with climate change.
Study shows Earth's brightness is dropping and there are many who have lost their homes and loved ones because of drought, flood or stormscaused by climate change.
Earlier this month, British COP26 president Alok Sharma described a forthcoming UN report about climate change in stark terms; as offering the international community its clearest warning about the risks of accelerating climate change.