UNDP: Middle East conflict forces developing nations to divert funds from schools and hospitals to energy subsidies
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© IFAD/Ibrahima Kebe Diallo
Summary
A UNDP report finds that developing economies are spending hundreds of billions of dollars on fossil fuel subsidies, price caps, and tax rebates to shield households from soaring energy costs caused by the Middle East conflict. This leaves less funding available for schools, hospitals, and climate action. While renewed diplomatic efforts have eased immediate fears of escalation, the economic shockwaves are already severely impacting the world's poorest countries.
Source
Twitter / XUNDP: Middle East conflict forces developing nations to divert funds from schools and hospitals to energy subsidiesnews.un.orgKey quotes
· 3 pulledDeveloping economies are being forced to spend hundreds of billions of dollars shielding households from soaring energy costs, leaving less money for schools, hospitals and climate action.
Military Escalation in the Middle East: Cushioning the Global Shock
Renewed diplomatic efforts on Monday have eased immediate fears of escalation, but the economic shockwaves are already taking a heavy toll on some of the world's poorest countries.
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