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Emerging and developing market economies in the Global South have been pushed into a nefarious debt trap; taking on financing to combat the effects of climate change at prohibitively high interest rates, which sharply increase debt servicing costs, will see more of these nations fall into debt distress. [...]it clearly defies the lessons that the international community has learned и from decades of development assistance. Fortunately, the principles of 'climate justice' and 'equity and common but differentiated responsibilities and capabilities' between nations enshrined in the Paris Agreement provide a framework to grapple with climate change without widening the global prosperity gap or heightening the risk of debt crisis in the Global South. [...]these principles are applied to the global distribution of capital, the current model of climate finance provision will continue to be seen as one that is designed - to paraphrase Andres Mogro (the former climate negotiator for the G77 bloc of developing countries and China) - by arsonists who 'set a building on fire and then sell the fire extinguishers outside'.