Ahead of the climate conference (COP26) taking place in Glasgow later this year, a group of several activist networks – including Afrodad and Global Justice now – released a concentrated briefing on the dangerous simultaneity of the debt and climate crises.
The paper examines why debt justice is key to addressing the climate crisis, highlights why the response of the international community is still not sufficient, and emphasizes why COP26 presents a vital moment to demonstrate the importance of the issue.
In this context, the briefing calls for the following:
“To address the climate and debt crises, we call for:
- Debt cancellation for all countries that need it, across all creditors
- The introduction of legislation to ensure private creditor participation in debt restructuring
- Suspension of debt payments and debt cancellation in the event of a climate-extreme event
- Adequate climate finance goals of at least $400 billion per year to be agreed and delivered, with finance provided in the form of grants including a separate mechanism for funding loss and damage, so debt levels do not increase
- A significant portion of Special Drawing Rights (SDRs) to be channelled to poorer countries in the form of grants, not loans.“
Read the full briefing here.