Campaigners criticise ‘new form of colonialism’, where countries in the global south are forced to invest in fossil fuel projects to repay debts
Richer countries and private lenders are trapping heavily indebted countries into reliance on fossil fuels, according to a new report.
The pressure to repay debts is forcing poor nations to continue investing in fossil fuel projects to make their repayments on what are usually loans from richer nations and financial institutions, according toThe group is calling for creditors to cancel all debts for countries facing crisis – and especially those linked to fossil fuel projects.
“High debt levels are a major barrier to phasing out fossil fuels for many global south countries,” said Tess Woolfenden, a senior policy officer at Debt Justice. “Many countries are trapped exploiting fossil fuels to generate revenue to repay debt while, at the same time, fossil fuel projects often do not generate the revenues expected and can leave countries further indebted than when they started. This toxic trap must end.
According to the report, the debt owed by global south countries has increased by 150% since 2011 and 54 countries are in a debt crisis, having to spend five times more on repayments than on addressing the climate crisis. Daniel Ribeiro, a programme coordinator for the Mozambican environmental campaign Justiça Ambiental, said the country’s debt burden
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The protest song that’s taken America by storm hits too many false notesRich Men North of Richmond represents the poor but lets the wealthy off the hook
Read more »
‘Must be a new rule’: Wayne left fuming after controversial penalty costs Dolphins victory‘Must be a new rule’: Wayne left fuming after controversial penalty costs Dolphins victory
Read more »
US, South Korea, Japan new three-way alliance to make ‘zero difference’Curtin University Political Analyst Joe Siracusa says the US, South Korea and Japan's new three-way alliance to contain China will make zero difference to security in the Pacific region. 'It doesn’t make any difference, I mean if North Korea and China acts up the United States will take the lead,” he told Sky News Australia. “Look this isn’t going to solve very much, and I think at the end of the day the United States are right to point on this, South Korea and Japan ain’t going to do a thing without the United States, without United States leadership there’d be no peace in that region for now or the near future.”
Read more »
Bradley Cooper has been accused of 'Jewface' over his new movie — here's what that meansThis is not the first time prosthetic noses have popped up on screen and caused controversies towards the Jewish community.
Read more »
Disinformation, gold mines and 'coup proofing': behind Wagner's 'new journey' in AfricaAfter its failed mutiny by leader Yevgeny Prigozhin, the Wagner mercenary group is on the outer in Russia and its troops are out of Ukraine. It's set for renewed attention across Africa, which could increase Russia's influence in the region and add to Prigozhin's wealth.
Read more »
Unions may get a seat at new Reserve Bank tableThe Albanese government will consider giving union representatives a seat on the new Reserve Bank Board after the CFMEU pushed through a change to the Labor Party's platform on the last day of its national conference.
Read more »