Endorsed: Cancel debt for climate justice

54 countries in the global south are in a debt crisis. Global south countries are spending 5 times more on repaying debt than addressing the climate crisis. Meanwhile, many countries are being forced to exploit their natural resources, including fossil fuels, to generate revenue for debt repayments. Rich countries are not fulfilling their own commitments to give climate finance. And they are refusing to recognise their climate debt to global south countries, which should lead to structural and financial reparations, which must be understood as a form of reparative justice rather than ‘aid’. Global south countries are stuck in a debt-climate trap, while wealthy banks, corporations and institutions profit from this unfair situation. This injustice has to end.  Rich countries must immediately agree to cancel debt across all creditors, for all countries in need, and without conditions. Only with debt justice, we can have climate justice!

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