Some of the nations most vulnerable to climate change face a sharp rise in debt service payments in the coming two years, hampering their ability to invest in climate proofing and shoring up their economies, a research report found.
The Vulnerable Group of Twenty - a group of 55 economies exposed to the fallout from climate change - expect debt service payments to rise to $69 billion by 2024 - the highest level in the current decade, according to calculations from the V20 and the Boston University Global Development Policy Centre.
A number of debt relief schemes for the world's poorest nations were launched after the pandemic roiled global financial markets and hammered economies around the world. "Without debt relief and other complementary measures such as grants, V20 countries will postpone their ability to reap the benefits of climate investments, such as improved resilience and enhanced power generation through renewables," the report added.
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