Saturday, November 4, 2023

Rich nations urged to fulfill $13T pledges to Global South


According to British charity Oxfam, developed countries pledged in 2009 to transfer $100bn annually between 2020 and 2025 to climate-vulnerable states, but this target has not been met. Oxfam also claims that rich G7 nations owe poor countries an estimated $13tn in unpaid development aid as well as support in the fight against climate change. Instead of fulfilling their obligations, the International Group of Seven nations and their banks are demanding debt repayments of $232m per day. The G7 leaders are expected to reaffirm their climate goals during a summit in Hiroshima, Japan, from May 19-21. Developing countries say they need far more support from rich nations – responsible for most greenhouse gas emissions – otherwise they cannot afford to cut CO2 emissions.

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