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Dear friend,
As extreme weather events become more common, countries who have contributed least to the climate crisis are increasingly feeling its effects.
Many of those countries are also in debt crisis, diverting billions of dollars to paying debts and leaving them less able to invest in adapting and mitigating the devastating effects of the climate crisis.
People of the global South have been rendered vulnerable to climate change because of poverty. Discrimination and precarious living conditions are intensified under this ever rising debt problem. The global financial system is extractivist in essence - [characterised by] the extraction of human and natural resources for the relentless pursuit of profit and the ever increasing use of fossil fuels..."
- Mae Buenaventura, Asian People's Movement on Debt and Development
In order to achieve climate justice, it is essential to have debt cancellation. A few weeks ago we heard from friends in the global South, as well as here in the UK, speak about the importance of debt cancellation for climate justice at our webinar: Debt and the climate crisis: A perfect storm. Don't worry if you missed it - you can watch it all here:
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