Here's something for Justin, the Bitumen King, to mull over this Canada Day. It's about how we petro-states are screwing over the Third World. It's not just that we're killing their people either.
Then again, they're dying off so maybe it's not the wisest investment to be throwing money their way. We could just wait ten or twenty years. They might be all gone by then.
A new study from Imperial College Business School found that climate risks are increasing the cost of capital for developing countries. The researchers found that for every ten dollars these countries pay in interest payments, an additional dollar is due to climate vulnerability.
The study shows that over the past decade, a sample of developing countries have endured $40 billion in additional interest payments on government debt alone. The researchers estimate that these additional interest costs are set to rise to between $146bn and $168bn over the next decade, and could exacerbate the economic challenges already faced by poor countries around the world.
By the way if you think Canada is being generous or even responsible with our contributions to the Green Climate Fund check this out. Be sure to look at our per capita contribution and then compare it with non-petro state European countries.