It’s Money, Money, Money For Arab Group And India
Cabbage, clam, milk, dosh, dough, shillings, frogskins, notes, duckets, loot, bones, bar, coin, folding stuff, honk, lolly, moola. Any way you say it, it is always about the money!
This is also true for the Paris Agreement. It clearly states that all funds should be spent and invested in the right technologies, projects, and places that will both solve climate change and foster sustainable development. Aligning all financial flows with the Paris goals is absolutely essential to address climate change.
Island nations have proposed that the GEF and the GCF ask their trustee, the World Bank, to report what it is doing to ensure that their money is being invested in good, rather than harmful projects. Public money. Our taxes.
Unfortunately, the Arab Group and India are not fans. Surprisingly, they seem to prefer that the World Bank continues funding fossil fuels, fueling destruction of the same people the climate funds are supposed to help.
The Island States in the Caribbean were devastated when two category 5++ hurricanes – Irma and Maria – struck. In Dominica, the damages in economic terms are upwards of 100% of GDP.
Today AOSIS lost this battle.
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