Responding to the COP27 agreement to set up a new Loss and Damage Fund, Heidi Chow, Executive Director of Debt Justice said:
“This is a landmark decision that is long overdue – the G77 and civil society groups from across the world have fought for this fund for decades. The fund will ensure wealthy countries take responsibility for causing the devastating impacts of the climate crisis. There’s still more work to do to ensure this fund provides adequate grant-based funding so that countries are not forced into more debt to pay for a crisis created by wealthy countries. For now, this is a much-needed and welcome step in the right direction.”
Responding to the issue of unsustainable global south debt at COP27, Heidi Chow said:
“This outcome finally recognises the role that the debt crisis is having on the ability of global south countries to respond to the climate crisis. This must be a springboard from which wealthy governments take concrete action on the debt crisis that must include debt cancellation as well as grant-based climate finance. Anything less will only turbo-charge both the debt and climate crises.”
Notes
[1] The climate crisis could increase African country debts by $1 trillion
Sub-Saharan African countries will have to take on almost $1 trillion in debt over the next ten years unless wealthy countries provide adequate finance to address the climate crisis, according to a new report published by Debt Justice and Climate Action Network International.
Debt Justice (formerly Jubilee Debt Campaign) is a UK charity working to end poverty caused by unjust debt through education, research and campaigning: https://debtjustice.org.uk/
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