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S8 Ep4 | Constitutional Violation
Drilled
The Economic Costs of Climate Change
The Indian subcontinent's share of the global economy shrank from 27 to 3% between 1700 and 1950. The loss in damage fund that rich countries agreed to create was meant to begin to repay that debt with $100 billion a year. So far, contributions have fallen far short of that goal. Any money that has come in has mostly been in the form of loans that are putting countries further into debt.
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Speaker 1
This is Harpreet Paul, a human rights lawyer and an expert in UN climate finance negotiations. The Indian subcontinent's share of the global economy shrank
Speaker 8
from 27 to 3% between 1700 and 1950. And it's estimated that at the same time the UK benefited by approximately $45 trillion from its colonial rule of the Indian subcontinent alone. And there are similar stories to be told of colonial endeavors in the Americas and in the African continent and beyond.
Speaker 1
In other words, the economic costs of climate change are only the latest in a long history of economic extraction and transfer of wealth away from Global South countries and Indigenous peoples. The loss in damage fund that rich countries agreed to create was meant to begin to repay that debt with $100 billion a year. But so far, contributions have fallen far short of that goal. And any money that has come in has mostly been in the form of loans that are putting countries further into debt. It's been described as a climate debt trap. Here's Prime Minister Barbados Miyamali.
Speaker 10
The bottom line is to build that we have to borrow. And when we borrow, it is added to our debt to GDP. And when our debt to GDP rises, our credit rating drops. And then we are unable to meet the basic fundamental demands that normal development requires of us. There has to be a recognition of being able to isolate that debt which is necessary to build resilience or to build back from a climate design. A climate disaster as opposed to the normal aspects of development.
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