Climate finance programme funnelling billions of dollars back to rich countries thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
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Developed nations have pledged to send $100 billion a year to poorer countries to aid adaptation, but money from the deals is being funneled back into rich economies.
Wealthy nations, including Japan, France, Germany, and the U.S., gain billions from a global climate finance program intended to help developing countries. By imposing loan conditions and hiring requirements, these nations divert funds back to their economies, contradicting the program's goals and exacerbating debt in poorer countries.
By Irene Casado Sanchez, Jackie BottsJapan, France, Germany, the United States and other wealthy nations are reaping billions of dollars in economic rewards from a global program meant to help the developing world grapple with the effects of climate change, a Reuters review of U.N. and Organisation