17 February

Kathmandu, Nepal

Counter-summit in Marrakech, in october 2023

Failure at COP 28 - Climate Justice And Ecological Debt!

When : February, 17, 14:00PM – 15:30 PM Nepali Time
Where : World social forum Nepal
Co-organized with ATTAC and Debt for climate

Countries require resources to confront the climate catastrophe immediately. However, a large part of the global south is unable to address the growing costs and effects of the climate issue as they are obligated to repay huge amounts of debt to their creditors every year. Simultaneously, extreme weather events and a lack of grant-based climate finance are driving debt-ridden states further into debt, trapping many in the production of fossil fuels as their primary source of income to ensure debt service Debt service The sum of the interests and the amortization of the capital borrowed. payments, and producing a vicious cycle from which there may be no way out. Furthermore, since more than 70% of climate money is given as loans, it keeps debt-ridden nations in its wake. Paying the highest costs are those countries that have contributed the least to the climate catastrophe.

Excessive debt levels are making it more difficult for countries in the global south to respond to and mitigate the climate issue because essential resources are being redirected from other social priorities to debt repayment. Repayment of debt is taking up more and more of the resources that could be used to address the epidemic, climate catastrophe, and other pressing issues. The session aims to deal with these issues and discuss the climate crisis and the question of ecological debt.

Speakers :

Husnain Jamil Faridi , Asia Europe People’s Forum
Melani Gunathilaka , Debt for climate
Raouf Mohamed, Debt for climate
Ian Vidal, ATTAC
Maxime Perriot, CADTM International Network

Moderator :

Sushovan Dhar, CADTM International Network


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