If developing countries have to foot the climate-protection bill themselves, “they will sink into oceans of debt long before the seas swallow them up”, argues AvinashPersau15
developing world produces 63% of greenhouse-gas emissions, led by China and India. America and Europe cajole them in the hope of accelerating their transition away from fossil fuels. New onshore solar- and wind-power facilities are now cheaper to build than new coal and gas plants, and private finance will flow if regulated appropriately, proclaim Western officials. They preach at conferences likein Sharm El Sheikh, asking developing countries and the emerging industries in them to do more.
Despite being less responsible for the state of climate change than rich countries are, developing countries face higher costs of capital as they seek funding for green projects. According to the International Energy Agency, before the Federal Reserve started the current tightening cycle, the average cost of capital for a solar-project was as low as 2.5% in developed countries and China, but as high as 13.5% in developing countries.
When global risks rise, demand grows for a handful of international reserve currencies such as dollars, euros and yen. This enables issuing countries to respond to the crisis with expansionary fiscal and monetary policies, In the bond markets, only about 10% of financing for sustainable projects goes to developing countries other than China, according to the International Energy Agency. There are no queues of private-sector financiers forming to fill the funding gap in South Africa’s Just Energy Transition Partnership, signed in 2021. Agreements such as this see rich-country donors, with their own budget constraints, offering a modest mix of foreign-currency loans and grants for projects.
Belgique Dernières Nouvelles, Belgique Actualités
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