In 1992, the Rio Earth Summit called on industrialized countries to make an additional US$125 billion available each year to developing countries in order to put them on the path to sustainable development. 1
Since then total flows of capital to the developing world have exceeded this target every year -- but through private investment, not foreign aid (ODA or Official Development Assistance), see Figure 1.1 below. 2
The shift from foreign aid to private capital as the engine of economic growth in many developing countries has left environmental advocates and policy-makers scratching their heads -- what are the environmental impacts of
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Publication information: Book title: Private Capital Flows and the Environment:Lessons from Latin America. Contributors: Bradford S. Gentry - Author. Publisher: Edward Elgar. Place of publication: Cheltenham, England. Publication year: 1998. Page number: 1.
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