Cashing in on climate change?

[Articles and opinion pieces published in this blog do not necessarily reflect the policies and opinions of the organizers of the International Conference on Degrowth in the Americas. They are posted here to stimulate discussion and debate on issues relevant to degrowth.]

BRUSSELS, 19 April, 2012: A new Eurodad report reveals how rich nations are using a complex web of private funds and financial intermediaries to wiggle out of pledges to provide $100 billion a year to help developing countries cope with the devastating effects of climate change… A commitment by the world’s richest nations, and biggest polluters, to mobilize $100 billion a year by 2020 was one of the few concrete achievements of the Copenhagen Climate Change summit in December 2009. Governments, however, have failed to meet their interim commitments and are now looking to use much smaller amounts of their own money in order to leverage private funding to make up the bulk of the $100 billion… The idea is that development banks and financial institutions, such as the European Investment Bank and the International Finance Corporation, use public money to invest in financial intermediaries working in developing countries to attract private investors. By investing in an African bank, for instance, they believe they can trigger flows up to ten times higher than the initial investment.

The full report is available at:
http://eurodad.org/wp-content/uploads/2012/04/CF-report_final_web.pdf

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