With many countries trapped in debt crisis as the climate emergency deepens, the aid agency Cafod has warned that billions of pounds more in support will be needed to help communities suffering irreversible damage.
Following the COP28 climate summit in Dubai, where rich countries pledged more than $700m in financial support, Cafod said: “Many more billions will be required to meet the scale of destruction.”
Neil Thorns, director of advocacy at Cafod, who attended COP28, said: “COP28 has confirmed what we need to do with an explicit reference to a world without fossil fuels and support to the most vulnerable communities through the agreement of a loss and damage fund. But with little new funding, the ‘how’ this happens in a fair and rapid way to support the needs of low-income countries whose populations are suffering from the climate crisis is far from clear. It risks pushing those countries further into a debt crisis with less funding to support the poorest and most vulnerable communities.”
Ahead of an expected General Election next year, more than 20 faith and development leaders from the UK and Africa have urged UK political parties, through an open letter, to commit to cancel the debts of low-income countries to prevent more communities falling into hunger and poverty. They also called for adequate climate finance. In the letter they urged political parties in the UK to commit at the next General Election to cancel the debts of low-income countries.
Christian Aid, Cafod and Debt Justice warned that more than $1.1 trillion in external debt looms over African countries and 25 of them are trapped in deep debt crisis. This financial strain has dire consequences for achieving global sustainable development and climate goals. Instead of prioritising their response to the climate crisis, rebuilding health and education systems, and addressing the food and energy price rises that are overwhelming poor communities, many African countries are paying back debts.
“The UK has an opportunity to be a beacon of hope and compassion, leading the way to a fairer and more just global financial system,” said Cafod chair Bishop Stephen Wright of Hexham and Newcastle, and Bishop Brian McGee of Argyll and the Isles and Bishop President of the Scottish Catholic International Aid Fund.
African signatories included Msgr Pierre Cibambo, President of Caritas Africa, and Kofi de Graft-Johnson, General Secretary of the Council of Anglican Provinces of Africa.
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