BYM urges more relief for climate-hit nations
‘We urge the UK government and the World Bank to apply these debt relief measures to new and existing loans to all countries.'
Quakers have welcomed announcements that the World Bank and the UK government will allow countries suffering extreme weather events to pause their debt repayments. Britain Yearly Meeting (BYM) has been calling for debt relief for climate-hit nations since COP25 in Madrid.
BYM welcomed the news but asked why the UK government was only making debt relief available to twelve countries (in the Caribbean and Africa), and why the World Bank was only applying the measure to new loans. All countries facing climate damage should have the right to relief, said BYM.
‘We urge the UK government and the World Bank to apply these debt relief measures to new and existing loans to all countries,’ said Paul Parker, recording clerk for BYM.
‘Debt relief alone is not enough to support countries which are already under huge financial strain through climate crises. It must go hand in hand with new and additional funding for loss and damage as agreed at COP27 in November last year.’
BYM pointed out that the exact mechanism for that fund is still undecided – even as countries on the frontline of the climate crisis grapple with extreme events, including floods and deadly heatwaves.
Proposals for sources of funding include taxes and levies on fossil fuels, wealth, and other polluting activities.
It is estimated that by 2030, loss and damage will cost developing countries between $290bn and $580bn every year.
