Doesn’t make sense:
One of the biggest issues at Cop26 is climate finance, the funding that is supposed to be provided by the rich world to developing countries to help us cut greenhouse gas emissions and adapt to the impact of the climate crisis.
What is worse, a lot of the money is coming in the form of loans, not grants
But why not loans? The activities being financed should themselves be profitable. If not, there’s no point doing them anyway. And if they are then they can repay.
Here’s another idea: developed countries could agree debt-for-adaptation swaps. So instead of developed countries insisting that we repay our current loans in hard currency, which is difficult for us, those repayments could be converted into local currency and spent locally on adaptation.
That’s just a way of defaulting upon past loans……