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Indian environment minister Prakash Javadekar accused some developing countries of not showing enough flexibility towards poorer, more vulnerable countries.
If a rate rise does cause a shock in financial markets, Moody's said Turkey and South Africa are among the more vulnerable countries.
Nor does there seem much prospect of ameliorating austerity with a growth strategy that would give the more vulnerable countries a fighting chance of meeting the currently unrealistic deficit reduction targets.
Borrowing costs for Europe's more vulnerable countries rose on Wednesday while stocks and the euro fell, as the possibility of a new credit downgrade for Portugal underscored fears that efforts to contain the debt crisis to Greece were failing.
Many say they would rather any money was spent clearing landmines in more vulnerable countries.
One official said that "more demand in Germany can spill over into more vulnerable countries".
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Resisting warnings from Labour MPs on the committee that Scottish voters believed they were being bullied by an "English Tory", Osborne said he had an obligation to set out to voters across the UK the risks of forging a currency union with a smaller, more vulnerable country.
Opportunities include opening up export markets to more environmentally vulnerable countries, and more effective ways of using business to deliver national and international aid programmes.
The policy implication is that the larger NFA surplus a country accumulates, the more vulnerable the country is to exchange rate revaluation pressure.
"The more vulnerable populations and countries will be affected more," Meybeck says, emphasising an oft-repeated fact, "because they are already vulnerable and they also have fewer resources to deal with climate change".
But adaption money is needed to cover stronger early warning systems, address treatment of environmental refugees, and provide extreme weather insurance to 400 million more people in vulnerable countries by 2020.
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