The majority of climate-specific finance offered to developing countries by the top six multilateral developments banks (MDBs) including the World Bank during the period 2011-2014 was in the form of loans.
This was revealed in a report commissioned by the World Bank along with the top development banks covering Africa, Asia, Europe and South America released last week.
The world’s top six multilateral development banks said they delivered $100 billion in climate-specific finance during 2011-2014. Of that amount, 83% was in the form of loans, nine per cent in grants and five per cent in guarantees.
Last year, the UN’s Inter-Governmental Panel on Climate Change warned sea levels will inch higher and extreme weather will become more common as temperatures rise.
Even if governments agree to a global pact to limit warming to 2 degrees Celsius above pre-industrial levels, the risks and impacts of climate change will continue to increase, environmental experts say.
Crop failure, mass migrations and damage to major cities could run up a damage bill of $250-500 billion a year by 2050, said a UN environment body report released last year.
It cautioned that many of the world’s poorest countries including Pakistan are expected to be the worst-hit by future climate impacts, but lack the technology, infrastructure and in some cases skills to cope.
The solutions range from flood defences to development of drought-resistant crops.
Published in The Express Tribune, June 22nd, 2015.
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