DEBT RELIEF FOR A SUSTAINABLE FUTURE: WHY CANCELLING FOSSIL FUEL DEBTS IS VERY ESSENTIAL FOR ENVIRONMENTAL AND SOCIAL JUSTICE ESPECIALLY TO GLOBAL SOUTH.
A new report released on the eve of the meetings found that developing countries will pay a record $400 billion to service external debt this year. It said climate spending could bankrupt developing countries due to huge debt costs and called for debt forgiveness for those most at risk. The report from the Debt Relief for Green and Inclusive Recovery Project (DRGR) warned 47 developing nations would reach external debt insolvency thresholds in the next five years if they invested the necessary amounts to meet the 2030 Agenda and Paris Agreement goals.
The World Bank and the IMF, now in their eighth decade of committing to fight poverty, have yet to account for loans that are clearly illegitimate and must be canceled outright, nor for harsh loan conditionality's that have deepened inequality and impoverishment.
Hence we are calling out that its time to #MoveTheMoney,
and by doing so, it will help the global south to move away from this slavery of fossil fuels loans that they have been reservicing for the last EIGHT DECADES. Its the time all should know our choice matters, and the choice to the right path is highly needed like yesterday. Global south don't need to be impoverished forever, they need solutions that can pull them from this deep pit!
Read here below the whole report-:)
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By relieving these debts, countries can prioritize sustainable development and reduce their dependence on environmentally harmful practices, paving the way for a more equitable and environmentally conscious future.