WHY CLIMATE FINANCE MATTERS: Emerging Countries Suffer ‘Ballooning Multiple Crises’: Caddle (2)

By Mathew Carr

Nov. 8-9, 2021–GLASGOW: Marsha Caddle, Minister, Economic Affairs and Investment, Barbados, is a little tired of those not wanting to count the cost of rich people’s climate chaos, and the price of putting it right.

She spoke of “ballooning multiple crises” faced by emerging countries — with repeated climate disasters adding to a debt crisis that’s also stoked by the global pandemic.

Envoys are quibbling about $500 billion in climate help as rich countries roll out $25 trillion in quantitative easing to protect themselves from the pandemic and other economic challenges, she said.

Poorer countries have no such luxury — measurable money must flow, Caddle said.

She told the story of a Carribean bridge that needed to be rebuilt again and again, adding to debt load. Those banks and programs providing the “help” to replace and repair the bridge boasted in marketing signs at the location how helpful they were being. The storms and flooding knocked the sign down.

“We have to get on the road to somewhere,” she said, speaking about the lack of climate money for developing nations.

Any trust that exists between rich and poor countries about where the UN climate talks are headed is at risk, unless breakthroughs are made this week, she said.

She didn’t say the rich countries will have a riot on their hands if they don’t sort out the much-promised $100 billion a year immediately — but I get the feeling she wanted to.

The world needs to leverage private investment at low interest rates at a level that matches the urgency of the needs, she said.

“I don’t think it’s as difficult as sometimes we make out.”

Caddle earlier Monday a the Glasgow climate talks

THE RICH: Good at Protecting Themselves

https://www.federalreserve.gov/monetarypolicy/files/20210709_mprfullreport.pdf

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