A coalition of countries from three continents says the changing climate is helping to create a "vicious circle" of problems.
What's happening?
The Expert Review on Debt, Nature, and Climate shows low-income countries are facing the compounding burdens of unsustainable debt, loss of nature, and escalating climate change, EnviroNews Nigeria reported. The study was published by the governments of Colombia, Kenya, France, and Germany.
The COVID-19 pandemic, the inflation of food and fuel prices, a strong U.S. dollar, and rising interest rates have fostered an environment in which countries are at high risk of defaulting on their debts. Nations most susceptible to natural disasters, climate-driven changes to the weather, and nature loss are "increasingly having to borrow to fund disaster response and recovery and climate adaptation," according to the outlet.
These "environmental shocks and stresses" slow economic growth and lower public revenues, which prevents countries from servicing debts and raises interest rates. In turn, nations cannot afford "climate- and nature-positive development, and this vicious circle means there is no addressing the climate crisis without addressing the debt crisis," EnviroNews Nigeria stated.
Reversing the crisis requires strong domestic policies and international financial support, the outlet reported. A report due in spring will offer solutions to making debt more fiscally and environmentally sustainable. One goal of the bloc is to change the way the International Monetary Fund and World Bank assess countries' debts.
Why is this important?
Warmer air can hold more moisture, so the rising global temperature creates issues such as heavier rainfall and more intense flooding. Increasingly frequent and severe heatwaves, droughts, and wildfires are other results of anthropogenic climate change.
These extreme weather events contribute to pollution-caused negative health outcomes and displacement around the globe, in addition to changes to the environment and the way people live.
"Many low- and middle-income countries are facing a 'triple crisis' not of their own making, with high global interest rates compounding increasingly severe climate impacts and nature loss," former U.N. under-secretary general and Expert Review co-chair Vera Songwe said. "Unless the international community collectively takes measures to address this, countries are not going to be able to pursue the climate-resilient, low-carbon and nature-positive growth which they need — and of which they are capable."
What's being done about the effects of the changing climate?
Ali Mohamed, special climate envoy for Kenya and chair of the African Group of Negotiators, called for a restructuring of debts as well as investments in climate resilience to maintain long-term economic stability. "Our goal is to turn this vicious cycle into a virtuous one, where sustainable investments lead to prosperity and resilience, rather than debt distress," he said.
While governments and citizens work to protect communities and homes from the growing threat of climate-powered extreme weather, the way to counter the warming of the planet and associated consequences is to divest from dirty fuels such as coal, gas, and oil. By turning to clean, renewable energy such as solar and wind power, we can slow the rapid rise in the global temperature and clear a path to a safer, sustainable future with lesser repercussions.
You can help by making simple changes, such as electrifying your home appliances, eating plant-based meals, and avoiding single-use plastics. These small steps add up, and with bigger ones — including using our buying power to support environmentally conscious brands and voting for politicians who will take climate action — we can change the world.
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