Committee for the Abolition of Illegitimate Debt

The full review, entitled “Fair Shares: A CSO Equity Equity The capital put into an enterprise by the shareholders. Not to be confused with ’hard capital’ or ’unsecured debt’. Review of INDCs”, was released online today. It compares the initial climate action pledges, called Intended Nationally Determined Contributions (INDCs), of countries to their actual fair share Share A unit of ownership interest in a corporation or financial asset, representing one part of the total capital stock. Its owner (a shareholder) is entitled to receive an equal distribution of any profits distributed (a dividend) and to attend shareholder meetings. of climate action.

The review shows that the INDC commitments will likely lead the world to a devastating 3°C or more warming above pre-industrial levels. The current INDCs amount to barely half of the emissions cuts required by 2030.

Moreover, the INDCs submitted by all major developed countries such as the United States, European Union, Japan and Russia fall well short of their fair shares in terms of both emissions cuts and finance.

On the other hand, the majority of developing countries’ mitigation pledges, including China and India, exceed or broadly meet their fair share. It also shows they still have mitigation potential beyond their fair share.

“The INDCs of developed countries are condemning us to even much greater devastation than what we are already experiencing now. On the other hand, the review results do not mean a free pass for developing countries. Developing country governments must deliver on their fair shares, and be firm on their demands for finance from developed countries so that they can undertake more mitigation actions to save our peoples and communities from climate catastrophe. All governments must ensure a just transition; workers and communities must not be displaced in the process,” said Lidy Nacpil, coordinator of the Asian Peoples’ Movement on Debt and Development, from Manila.

“It also comes at a poignant time for us Filipinos as we prepare to commemorate the second anniversary of Haiyan’s landfall on Sunday. The destruction the super typhoon wrought on our country is but one reminder that we cannot wait a decade or more for countries to improve on their climate pledges,” she added.

The equity review was initiated by a broad group of social movements, networks, and other civil society organizations in the international, regional, and national levels.

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NOTES TO EDITORS:

The Asian Peoples’ Movement on Debt and Development (formerly Jubilee South–Asia Pacific Movement on Debt and Development) is a regional alliance of peoples’ movements and organizations, coalitions, and NGOs. APMDD co-initiated the Fair Shares equity review of INDCs.

For the full report and for more details on the Fair Shares review, go to www.civilsocietyreview.org.

CONTACT: Denise Fontanilla, dmfontanilla at gmail.com, +639178514890

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