It’s been 23 years since the Jubilee Debt campaign’s big push to address the debts of low income countries. Despite some successes, the problem never went away and neither did the campaign. Now operating under the name Debt Justice, their latest report looks at the connections between debt and climate change.
There is something of a vicious cycle going on between fossil fuels and debt, in which they feed off each other. Poorer countries need the income from fossil fuels to pay off debts, committing them to exploiting their reserves to meet repayments. At the same time, it takes a huge level of investment to bring fossil fuels into production and this is often paid for with further debt.
This cycle traps low income countries in debt and holds back the transition beyond fossil fuels – though the banks are quite happy to continue to profit from both tragedies.
See the research report The Debt-Fossil Fuel Trap for more, or see the video below for the five most important things to know abou the connection between debt and fossil fuels.
The Earthbound Report 
Yes. Connecting the debt crisis and the climate crisis will open up funds to the global South which have not contributed to climate change in the past. Thank you 🌍👏