The UK is not the only wealthy country accused of rowing back on its climate commitments, as Joel Hills reports
As developing nations grow their economies they need access to energy. And it's vital that energy is renewable. As it stands, analysis by the Climate Policy Initiative shows that African countries can pay effective interest rates of up to 38% to borrow to fund solar power projects.The World Bank exists to provide low interest loans and grants to developing nations.
Under the proposals, the UK would need to contribute an extra £1.4 billion a year to the World Bank. The United States would need to contribute an extra £3.4 billion.The Bank can leverage additional shareholder donations by borrowing against that money and using the funds to attract private investment.