Climate debt news
Climate loan sharks - making developing countries pay twice for climate change
The UK is making developing countries pay twice for climate change.
Our new report, Climate loan sharks, reveals that the UK and other rich countries are forcing poor and debt burdened countries to accept loans from the World Bank to deal with the devastating effects of climate change. This is despite the fact that rich industrialised countries are overwhelmingly responsible for the climate crisis. Around 70 per cent of all carbon emissions have been made by these rich countries in the north. Meanwhile, 80 per cent of climate change damage will be felt in the global south.
This is like burning down your neighbours' house and pressuring them to take out a loan from you to rebuild it.
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