When the world's wealthiest economies pledged in 2009 to mobilise $100 billion a year towards climate action for developing countries by 2020, few present at the COP15 questioned the urgency of the task before them.
But behind the rhetoric of first-world reparations for the global harm caused by a century and a half of fossil-fuel-led industrial development squats an uglier reality: most of the money that makes its way to developing nations in public climate finance is going to have to be paid back with interest.
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