UK climate aid is lining the pockets of billionaires
a day ago
- #climate finance
- #corporate welfare
- #accountability
- UK climate aid managed by British International Investment (BII) is being invested in luxury carmakers and fossil fuel companies, contrary to its intended purpose.
- BII, owned by UK taxpayers, is supposed to benefit poor and marginalized communities but has instead boosted profits of large corporations with minimal climate impact.
- Investigations reveal BII's investments include luxury electric SUVs by Mahindra & Mahindra, benefiting billionaire-owned businesses rather than addressing climate needs.
- BII defends its investments, claiming they align with the Paris Agreement, but critics argue they lack due diligence and transparency.
- Experts warn that such misuse of climate finance undermines UK credibility and diverts funds from genuine climate solutions in developing countries.