Poor countries could have to pay up to $168 billion more in interest over the next decade as extreme weather events brought on by climate change affect their credit ratings, a study said. Nations that rely heavily on agriculture are likely to suffer as global temperatures rise, bringing more storms, floods and droughts that can destroy crops and curb production, according to research commissioned by the United Nations. Rice plantations in Vietnam are vulnerable to rising sea levels, while Guatemala's maize output could be hit by drought and tropical storms are a threat to the Barbados tourism industry, the paper said. Such risks push borrowing costs up as lenders charge more.
It found that for every $10 dollars these countries paid in interest over the past decade, one dollar was attributable to climate vulnerability. That translated into extra costs of $62 billion - a sum that could pay for the reforestation of 20 percent of the Amazon rainforest, and could climb to $168 billion over the next decade, the study said.
It found that for every $10 dollars these countries paid in interest over the past decade, one dollar was attributable to climate vulnerability. That translated into extra costs of $62 billion - a sum that could pay for the reforestation of 20 percent of the Amazon rainforest, and could climb to $168 billion over the next decade, the study said.
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