Page 24 - Issue 56

ELITE VOL.1, Issue 56, june 2023
ELITE
VOL.1, Issue 56, june 2023

It seems a choice has been made already. Availing both climate finance

According to The Economist, last year for middle-income countries and
bilateral aid to sub-Saharan Africa fell development finance for low-

by 8%. And Janet Yellen, America’s income ones is possible. In order
treasury secretary, has been arguing that to save everyone and for no man

The World Bank, an entity that its to be left behind, the pioneers
primary goal is poverty alleviation, must be responsible. Few people

climate action finance quality is not think that is likely to happen.
good enough. Ajay Banga, the World For this requires more debts

Bank’s new president, is suggesting ideas restructuring, an end for the
about guarantees and insurance schemes trade war between China and

that need concessional finance, most of
it will be given to middle-income US, and the new arms race

countries. According to The Economist, between the NATO and China
In 2021, less than a quarter of grants and Russia to stop, needless to

and cheap loans from development mention the war in Ukraine.
outfits went to the poorest countries. A This might even need

decade before, the share of the poorest cooperation as in the case of
countries was almost a third. Lower- debt restructuring. While they

middle-income countries and Upper- should be cooperating, US is
middle-income countries alreadt receives “decoupling” from China,

70% of climate finance while lower- Russia is threatening to use
income countries receive just 8%. nuclear weapons, China is

Receiving only 8% of climate finance, stalling the debt restructuring

being cut of aid, and higher interest rates process, and European leaders
and debt crisises, all this risks leaving the are asking poor countries to rely
poorest countries behind. Some will be less on fossil fuel while

willing to help them develop if they reopening their coal-power

depend on green energy, but no one is plants to face energy-shortages
helping them do so. after the Russian-Ukrainian

war. For all what politics has

taught humanity so far, this is
the most important lesson; life is

not fair!

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