Countries require resources to confront the climate catastrophe immediately. However, a large part of the global south are unable to address the growing costs and effects of the climate issue as they are obligated to repay huge amounts of debt to their creditors every year. Simultaneously, extreme weather events and a lack of grant-based climate finance are driving debt-ridden states further into debt, trapping many in the production of fossil fuels as their primary source of income to ensure debt service payments, and producing a vicious cycle from which there may be no way out. Furthermore, since more than 70% of climate money is given as loans, it keeps debt-ridden nations in its wake. Paying the highest costs are those countries who have contributed the least to the climate catastrophe.

Excessive debt levels are making it more difficult for countries in the global south to respond to and mitigate the climate issue because essential resources are being redirected from other social priorities to debt repayment. Repayment of debt is taking up more and more of the resources that could be used to address the epidemic, climate catastrophe, and other pressing issues. The session aims to deal with these issues and discuss the climate crisis and the question of ecological debt.

Speakers :
Maxime Perriot (CADTM)
Melanie Gunathilaka (Debt4Climate)
Raouf Ben Mohamed (Debt4Climate) 
Ian Vidal (ATTAC France)
Husnain Jamil Faridi (AEPF)