12th Oct 2023. Bank of England, London, UK. "Climate Justice Activists at the Bank of England make Urgent Call to Cancel the Crippling Debt Repayments of Global South Countries” “Global North's $7.9 Trillion climate obligation to the Global South sparks demand to cancel debts as IMF and World Bank meet in Marrakech” Gathering outside the Bank of England today (12th October) activists from groups including Extinction Rebellion and Debt for Climate, demonstrated the gross inequality of Global South debt repayments in contrast to the climate reparations owed them by the countries of the Global
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12th Oct 2023. Bank of England, London, UK. "Climate Justice Activists at the Bank of England make Urgent Call to Cancel the Crippling Debt Repayments of Global South Countries” “Global North's $7.9 Trillion climate obligation to the Global South sparks demand to cancel debts as IMF and World Bank meet in Marrakech” Gathering outside the Bank of England today (12th October) activists from groups including Extinction Rebellion and Debt for Climate, demonstrated the gross inequality of Global South debt repayments in contrast to the climate reparations owed them by the countries of the Global North. A massive banner was unrolled with the words: “CANCEL GLOBAL SOUTH DEBT” [1] measuring 1.5 m x 5.4m the banner is 65 times bigger than a single A3 sheet of paper, reflecting the fact that the bill for climate change is 65 times greater than the global south debt [2] “Scales of Justice” were erected as 65 large sacks were piled high in a further startling representation of the inequality. The protest was timed to coincide with the ‘Reform Priorities for Tackling Debt’ event [3] being held during the annual meeting of the International Monetary Fund (IMF) and the World Bank. Black Rock, Standard Chartered Bank and the UK Government are expected to be present to discuss the current untenable debt situation. Cathy Allen of Debt for Climate explained “The Global North countries owe a climate debt of $7.9 trillion per year. That's 65 times more than the annual debt repayments which burden the Global South. There shouldn’t be any discussion about debt reform in Marrakech. Poorer countries need the money to cope with climate breakdown” In order to pay back debt in ‘hard currency’ countries of the Global South have to sign contracts with foreign companies [4] who want to exploit their resources. Instead of fossil fuels being left in the ground, they are extracted, often under lax environmental standards, enabling the burning of oil, gas and