UN Secretary-General Antonio Guterres on Saturday slammed the world's rich countries and energy giants for throttling poor nations with "predatory" interest rates and crippling fuel prices.UN Secretary-General Antonio Guterres on Saturday slammed the world’s rich countries and energy giants for throttling poor nations with “predatory” interest rates and crippling fuel prices.
Afghanistan and Myanmar, two of the poorest countries, are not present at the Doha meeting of 46 LDC states because their governments are not recognised by UN members.At a leaders’ summit ahead of the start of the general LDC conference on Sunday, Guterres hit out straight away at the way poor nations are treated by the more powerful.
“Combatting climate catastrophe that you did nothing to cause is challenging when the cost of capital is sky-high” and the financial help received “is a drop in the bucket”, said Guterres. “Deprived of liquidity, many of you are locked out of capital markets by predatory interest rates,” the UN leader said.
With poorer states trapped in a “perfect storm for perpetuating poverty and injustice”, Guterres said LDCs required a “minimum” $500 billion a year to overcome their problems, build up job creating industries and repay debts.
Source: Energy Industry News (energyindustrynews.net)
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