- Global G7 protests demand debt cancellation as real response to climate emergency.
- From June 26th to 28th, during the G7 summit, Debt for Climate – will bring together labour unions, social justice groups and environmental movements, mobilising globally and demanding immediate cancellation of all Global South debt to pave the way for a real response to the climate emergency.
The Debt For Climate campaign rationale is based on the idea that debt is not compatible with climate action. Structural readjustment and repayments place indebted nations at the mercy of multinationals pushing fossil fuel extraction. The debts also prevent Global South countries from pursuing a just transition and adapting to global heating.
“Global South” refers broadly to the regions of Latin America, Asia, Africa, and Oceania.
Debt for Climate recognises the power of the G7 and draws attention to the fact that the G7 are disproportionately responsible for climate breakdown. Since G7 members control the largest voting shares of the World Bank and IMF, the movement calls attention that any serious action to change the current climate trajectory must address the root force of debt, which drives continued extraction.
Author: Bryan Groenendaal