In fact, they may be even more painful in developing countries. Sri Lanka eventually had to import rice at a cost of about US$450 million, more than what it saved from banning synthetic fertiliser imports. But as we’ve seen in California and Sri Lanka, there can be devastating consequences. Rich countries employed (and exploited) development strategies that they now prohibit or strongly discourage developing nations from adopting. We won’t accept this sort of chaos for any branch of our lives, so why should this situation then be reasonable for our ESG transition?
Source: The Edge Markets August 03, 2022 05:47 UTC