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A farmer harvests rice on a rice paddy field outside Hanoi, Vietnam, June 7, 2018 Reuters

For every $10 climate-vulnerable countries paid in interest over the past decade, $1 was attributable to climate risks, study says

Read more: Poor countries face $168 billion interest bill due to climate change

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Credit: Imperial College London

Developing countries face debt payments of up to $168 billion over the next ten years as a result of their vulnerability to man-made climate change.

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 has 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.

However, the researchers also found that investments in climate resilience can help improve fiscal health at the national level.

Read more: Developing countries face rising payments due to climate change, says report

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Drones are being used to pollinate pear blossoms on a farm in Cangzhou, Hebei province. Photo: Reuters

As heavy snow swept across China early this year, local media in Central China’s Hubei province reported that farmers used unmanned aerial vehicles, or drones, to spray de-icing agent, saving over 500 snow-covered vegetable greenhouses from collapse. In the midst of climate change, technology is enhancing the resilience of the agriculture sector to weather extremes, helping the sector face the challenges of producing more food to feed the world’s growing population.

Read more: Battling climate change: China deploys drones over farms

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