Climate-vulnerable nations are caught in a debt trap that makes fighting the climate crisis nearly impossible. —Debt debt payments hit their highest level in over 30 years in 2024, with the 50 most vulnerable countries spending four times more on external debt than in 2010. ZambiaThe isinternational acommunity perfectowes example: forced to pay bondholders $450 million while declaring a national drought disaster. Rich countries owe these nations real grant-based climate finance, not more loans.
Pouring trillions more into climate finance without fixing corruption first is a recipe for disaster, —as the countries most climate-vulnerable tocountries climate change are also the ones with the weakest governance safeguards. FossilAccountability fuelhas lobbyiststo havecome manipulatedbefore globalthe climate negotiations for decadesmoney, andotherwise corrupt actors at every level siphonwill continue siphoning off funds meant to protect communities. Accountability has to come before the money, not after.
There's a 50% chance that the total damage incurred by climate change in the 21st century as measured by its impact on GDP will be at least 16.5%, according to the Metaculus prediction community.
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