DECRYPTION – Successive crises and the rise in interest rates limit their ability to act in the face of global warming.
Since 2015, they exist under the acronym of V20. Alongside the G20 and the G7, the countries most vulnerable to climate change have created their clubs on the initiative of finance ministers. They group together, according to their own definition, economies “low to middle income, less developed, arid; isthmuses or enclaves, mountainous (countries), small developing islands”.
They are concentrated in Africa, Central America and Asia-Pacific, and there are, among others, Afghanistan, Bangladesh, Costa Rica, Ethiopia, Ghana, Kenya, Madagascar, Maldives, Nepal or Vietnam. That is some 700 million people. If their carbon footprint is negligible compared to that of rich countries, they bear the brunt of climate change.
Private creditors
The V20 put the financial damage between 2000 and 2019, due to excessive temperatures and rainfall, at $525 billion, or 70% of their stock of debt and 20% of their GDP. A recent report…
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