The world's superpowers have been urged to consider writing off debt and fulfilling promises, made in the climate change debate, to less economically developed countries, most of them in Africa, ahead of the G7 Summit. | CdeLENIN
On Thursday, Oxfam International tabled the following demands:Return to the 0.7% of gross national income aid target, pay off aid arrears, and meet their commitment to providing US$100 billion annually to help poorer countries cope with climate change.Expedite the reallocation of at least $100 billion of the existing Special Drawing Rights issuance to low- and middle-income countries and commit to at least two new $650 billion issuances by 2030.
Oxfam said instead of paying back the monies, the Global South could channel funds to healthcare, education, gender equality and social protection, as well as addressing the impacts of climate change.It's the rich world that owes the Global South. They promised aid decades ago but never gave. The huge costs of climate damage are caused by their reckless burning of fossil fuels. Their immense wealth was built on colonialism and slavery.
"At a carbon price of US dollars, 50 per tonne could provide in excess of 15 billion US dollars in revenue, create more than 85 million jobs and improve millions of livelihoods. Catholic bishops, representing 23 African countries, have also thrown their weight behind the continent's plea to the G7. "Last year, over 300 million people experienced food insecurity, exacerbating drivers of conflict and social tension in many African countries and making governance more fragile," the bishops said.
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