‘Countries are drowning’ climate expert calls for urgent rethink on scale of aid on developing world

The world must rethink its approach to the climate crisis, by investing trillions of dollars instead of billions in the developing world, and moving beyond conventional ideas of overseas aid, one of the world’s most influential climate economists has urged. “We need a complete rethink of the whole nexus of climate, debt and development,” Avinash Persaud told the Observer, before a key summit. “What we are seeing today is new – countries affected by climate disaster, this is happening now. Countries are drowning.” He called for a tripling of the finance available from the World Bank and similar institutions, and a huge influx of cash from the private sector, driven by the careful use of public funds and regulation to remove the current barriers to investment. “This is the biggest financial opportunity in the world,” he said.

https://www.theguardian.com/environment/2023/jun/18/countries-are-drowning-climate-expert-calls-for-urgent-rethink-on-scale-of-aid-for-developing-world

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