Justice triumphs: rich countries should not give out loans, but compensate poor countries for their ecocide

And right next to the pile of coal and ash offers the unfortunate to borrow money to build a new house at a little less than in the bank, interest rate. Desperate people agree, and end up in the bondage of the neighbor for years. They work hard to pay rent and pay off the loan. Their children are malnourished, and they themselves are starving. Have you imagined that? No? And yet this is how our world works today.

American actress, singer and activist Connie Britton wrote in her Instagram about participation in the first Summit on the new global financial pact, which recently concluded in Paris. Much was said at that meeting about profound reform of the global financial system. There were many beautiful words uttered about justice.

“We came to Paris with the hope of radical reforms, ready to celebrate breakthroughs in equality and justice on behalf of the countries most affected by climate change. We were disappointed that most leaders of the world’s richest countries came out again with insufficient solutions and frivolous promises,” Connie said.

FALSE START AGAIN?

Some positive decisions were made at the summit. For example, Zambia's $6.3 billion debt was restructured. France has increased its share of special drawing rights for poor countries to 40%. World Bank President Ajay Banga spoke cautiously about suspending credit agreements for disaster-stricken countries.

It was Banga's words that I believe to be the most important of what was said at the summit. After all, Zambia’s 20-year debt restructuring is a temporary solution, because the loans will still have to be repaid. The country has been severely affected by the coronavirus pandemic and has long declared default. Restructured borrowing will only help Zambia to borrow again and again.

Banga's logic shows a clear connection between the events. I have repeatedly written about the main cause of the surge in natural disasters – global climate change, which is a consequence of the continued increase in CO2 emissions into the atmosphere. And who is its main producer? Rich countries! And who suffers from natural disasters associated with degraded ecology? Poor countries. We should not talk about loans, but about full compensation for the damage caused.

See how interesting it is. Three years ago, the Commission of International Experts on Child and Adolescent Health conducted a study of 180 countries on criteria of child well-being, income and environmental status. Norway, South Korea, the Netherlands, France, Ireland, Denmark, Japan, Belgium, Iceland and the United Kingdom were among the top ten leaders. Children are worst off in the Central African Republic, Chad, Mali, Niger and Somalia (180th).

Now let's look at the same index, but taking into account CO2 emissions. In this case, Norway is only 156th, South Korea 166, the Netherlands 160. Burundi, Chad and Somalia have the lowest levels of carbon dioxide emissions.

Do you remember, in November 2022 Egypt hosted the 27th Conference of the Parties to the UN Framework Convention on Climate Change? At that time, a number of major contributors, in alliance with some oil- and gas-producing nations, deliberately blocked decisions to reduce greenhouse gases and phase out fossil fuels. Who lost to this? Africa's poorest countries most vulnerable to the climate crisis. Who won? Saudi Arabia, other oil-producing Gulf countries and China. By the way, returning to Zambia’s loan restructuring, let us not forget that the country owes the most to China.

A WORLD WITHOUT DEBT

As a result, the world in the 21st century has reached the point that in 2023 more than 750 million people on the planet are undernourished! In any crisis, rich countries can afford to print money to revive their economies. Developing countries are deprived of that luxury because they have to pay off their debts all the time. At the same time, the cost of loans for them is up to eight times higher than for rich countries!

As a result, 52 countries are now in default or at arm's length. At the same time, most of these countries, I repeat, are the most vulnerable in the face of global climate change!

At different times I have donated about 1.1 million euros to various programs to help the needy Global Gift Foundation, The Caring Family Foundation, Artists for Peace and Justice, and UNICEF Italia.

I therefore call on the rich countries to follow the example of philanthropists and donate. You owe it to the poor countries, not the reverse. It is you who have the greatest impact on climate change on Earth, which affects people not involved in atmospheric pollution. And to enslave them with loans is immoral to say the least!

All the good intentions of the Paris Summit must be supported. Moreover, it is necessary not only to listen to the idea of the head of the World Bank, but to raise it on a high banner! Loan payments for all countries that have suffered from natural disasters caused by climate change for 5-10 years should at least be suspended, at the most – written off!