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Anjoulie Woodhead published Statement to Leaders Meeting in Nairobi for the International Development Association Heads of State Summit in Press 2024-05-02 16:43:27 -0400
Statement to Leaders Meeting in Nairobi for the International Development Association Heads of State Summit
Religious leaders from Islamic Relief, The All Africa Conference of Churches (ACC) - CETA, Caritas Africa and Jubilee USA Network issued a statement urging world leaders to promote a tripling of IDA financing by 2030, with a significant scaling up in IDA21; enabling IDA to contribute to debt sustainability in borrower countries and putting people at the center of reforms as the International Development Association (IDA) Summit commences in Nairobi, Kenya.
Read the statement here.
Read the press release on the statement here.
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Anjoulie Woodhead published African Religious Organizations Call for Tripling Size of Vulnerable Countries Fund in Press 2024-04-29 09:13:36 -0400
African Religious Organizations Call for Tripling Size of Vulnerable Countries Fund
Kenya President Ruto Hosts Heads of State and World Leaders for Aid Negotiations
The World Bank program that provides aid to poor countries should triple funding by 2030, said interfaith African organizations in a statement addressed to leaders meeting in Nairobi. On April 29th, the President of Kenya, William Ruto, hosts International Development Association (IDA) for Africa Heads of State Summit to mobilize funding for IDA. As the largest source of grants and low-cost, long-term loans to the poorest countries, IDA enables recipients to spend on poverty reduction and development priorities without adding to debt burdens.
“Countries in Africa, home to most of the IDA borrowers, spend three times servicing debt what they spend on health,” said Caritas Africa, the All Africa Conference of Churches, Islamic Relief and Jubilee USA Network in a statement. “In this region, which year after year sees the growing devastation of droughts, cyclones, land degradation and other effects of climate change, debt service amounts to 18 times their climate adaptation expenses.”
Negotiations with donors for replenishing the IDA aid program come to conclusion at the end of the year. IDA negotiates with donors and replenishes the aid resources every three years.
“Amidst staggering debt levels, IDA is the largest provider of funds that can help countries without creating more debt,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network, one of the organizations signing the statement. “Dramatically boosting IDA funds can address growing crises in some of the poorest countries.”
Average incomes in one-third of IDA countries remain below pre-pandemic levels. The last replenishment, finalized in 2021, generated $93 billion over the 2022-2025 period. However, IDA borrows the bulk of those resources from private markets, whereas donor contributions have dropped for the last 10 years.
Read the Caritas Africa, All Africa Conference of Churches, Islamic Relief and Jubilee USA Network Statement to Leaders Meeting in Nairobi for the International Development Association Heads of State Summit here.
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Anjoulie Woodhead published Jubilee USA Statement on IMF, World Bank, IMFC and World Bank Development Committee Meeting in Press 2024-04-19 18:35:21 -0400
Jubilee USA Statement on IMF, World Bank, IMFC and World Bank Development Committee Meeting
On Saturday, the Spring International Monetary Fund and World Bank Meetings conclude. On Friday, the International Monetary and Financial Committee (IMFC), the IMF policymaking body, met as part of the IMF and World Bank Meetings. A ministerial-level forum, the Development Committee also met on Friday. The meetings focused on the global economy, economic growth, debt, inflation, climate issues, development bank funding and resources to respond to multiple crises.
Eric LeCompte, at the meetings in Washington, is the Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF and World Bank meetings since 2010. LeCompte releases the following statement on the Spring IMF, World Bank, IMFC and Development Committee meetings:“Given how many debt crises we are dealing with, we need many improvements to debt relief and aid processes.
"There was good progress this week to make debt restructurings faster and access to crisis funding easier.
"The IMFC meetings concluded that dealing with debt challenges remains a high priority for the International Monetary Fund.
"We need to mobilize more development aid and low-cost loans to address current global challenges instead of loading countries with more debt.
“The conversations on expanded IDA Replenishment and IMF zero-interest-rate windows will be a key focus to address crises that countries face.
"We hope that new ways to distribute Special Drawing Rights and IMF gold sales will be studied, considered and implemented to address global challenges.
“The notion that the IMF should cut its lending surcharges seems to be gaining acceptance.
"This summer we can now expect serious work to move forward on addressing the problems caused by IMF surcharges.
“Problems that the strengthening US dollar creates for debt burdens in poor countries were very present in discussions this week.
"Funding climate adaptation and mitigation for developing countries was a significant concern raised during the meetings.
"While many countries are seeing some economic growth, too many countries are mired in multiple crises.
"Food security, poverty and growing inequality are issues we must address more quickly.
"Crises and challenges in many countries are impacting the cost of living in all countries."
Read the Chair’s Statement on the Forty-Ninth Meeting of the IMFC here.
Read Jubilee USA's press release on the IMF and World Bank Spring Meetings here.
Find Jubilee USA's press release on the G20 Finance ministers and Central Bank governors' meeting here.
Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Read Jubilee USA's press release on the G20 February Finance ministers meeting here.
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Anjoulie Woodhead published World Leaders Meet for Spring IMF, World Bank and G20 Meetings in Press 2024-04-19 10:04:59 -0400
World Leaders Meet for Spring IMF, World Bank and G20 Meetings
Meetings Focus on Debt, Climate and Economic Stability
World leaders, finance ministers, business groups, academics and development organizations attend the Spring IMF, World Bank and G20 meetings.
“Debt, climate issues and poor economic growth top the agenda during these meetings,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “We've seen some progress on debt challenges during the meetings."
On Tuesday, the IMF's Executive Board approved new policies on debt in “Policy Reform Proposals to Promote the Fund’s Capacity to Support Countries Undertaking Debt Restructurings.”
"The IMF leadership endorsed some important proposals that introduce more predictability, transparency and certainty in debt restructurings, financing and negotiations," noted LeCompte who is attending the meetings. "Debt crises are hurting the global economy and it's urgent we continue to improve processes for debt relief and foster positive investment in developing countries."Read the IMF policy paper: Policy Reform Proposals To Promote The Fund’s Capacity To Support Countries Undertaking Debt Restructuring here.
Find Jubilee USA's press release on the G20 Finance ministers and Central Bank governors' meeting here.
Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Read Jubilee USA's press release on the G20 February Finance ministers meeting here.
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Anjoulie Woodhead published G20 IMF Finance Ministers Jubilee Statement in Press 2024-04-18 23:19:36 -0400
G20 IMF Finance Ministers Jubilee Statement
G20 finance ministers conclude their meetings during the Spring IMF and World Bank Meetings. The ministers focused on inflation shocks, debt vulnerabilities in developing countries and the role of Multilateral Development Banks.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored G20, IMF and World Bank meetings since 2010, releases the following statement on the G20 finance ministers meeting chaired by Brazil:
"Brazil is attempting to raise some ambitious issues to address poverty, climate and inequality during its G20 presidency."Food security and debt are challenges that impact every issue that the G20 is grappling with.
"Developing countries need increased funds from Multilateral Development Banks to deal with climate, poverty and food security challenges.
"G20 debt relief processes are not working effectively or fast enough."As the majority of countries face numerous crises, the G20 has a responsibility to move forward aid and policies that can resolve these crises."Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Read Jubilee USA's press release on the G20 February Finance ministers meeting here.
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Invites for Jubilee, IMF Events
On behalf of Jubilee USA Network, we'd like to invite you to join us for these special upcoming events:
April 17, 2024 | 2:00 - 3:30 pm ET
The Future of Special Drawing Rights as a Development Finance Tool: What's Next?
SDRs were conceived as an instrument of monetary policy during the gold-dollar standard era, and quickly faded into irrelevance. The latest issuance in 2021 reinstated SDRs as a powerful instrument, its widespread use by low- and middle-income countries reflects its effectiveness in generating fiscal space, as a mechanism to provide unconditional support to Southern countries without increasing debt in a context of poly-crisis. However, as these crises continue to hit, the fulfillment of the 2030 Agenda and the Paris Agreement is jeopardized. We will debate the merits and caveats of future SDR allocations, their use for development and climate finance, and reforms to the SDR system.
La Red Latinoamericana por Justicia Económica y Social (LATINDADD)'s Global Advocacy Director Patricia Miranda moderates a panel with Andrés Arauz, Former Minister, Central Bank Official of Ecuador and Senior Research Fellow at CEPR; Niranjali Amerasinghe, Executive Director, ActionAid-USA; Didier Jacobs, Debt Relief Advocacy Lead, Oxfam; Carlo Sdralevich, IMF Assistant Director and Division Chief, IMF General Resources and SDR division in Finance Department.
Sponsors: Oxfam; MENA Fem Movement for Economic, Development and Ecological Justice; La Red Latinoamericana por Justicia Económica y Social (LATINDADD); Recourse; Partners in Health; ActionAid - USA; Center for Economic and Policy Research (CEPR); Jubilee USA Network; and Bretton Woods Project.
Location: HQ2-03B-768B
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/97986887262?pwd=VmthNjhBazVMZU1yVnlZUWQ5MkNHZz09&utm_medium=email&_hsenc=p2ANqtz-9iCIg6SACnjxtvVDDDaycT6Zto-K1_xtLc0xsOXlr2DbDfI6BkWMB2QJPH861OG3VcfMJKp4axrPv23m0i9mBxomfp0Q&_hsmi=85569181&utm_content=85569181&utm_source=hs_email#success
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April 18, 2024 | 11:15 - 12:45 pm ET
Governance Reform Through Transparency - The Role of Civil Society in Combatting Corruption
Many developing countries have established anti-corruption commissions to reduce corruption. However, despite decades of reform efforts and hundreds of millions invested, there is little evidence of a corresponding decrease. This top-down approach often undermines collaborative efforts between governments and civil societies to jointly fight corruption. Panelists will discuss how civil society organizations can be reliable partners in fighting corruption that will enhance effectiveness of national anti-corruption programs. Participants will also discuss innovative and effective bottom-up anti-corruption strategies that foster community engagement and community leadership in the fight against corruption.
Africa Faith and Justice Network's Executive Director Steven Nabieu Rogers (PHD) moderates a panel with Ntal Alimasi, Specialist, Capacity Development and Governance and Anticorruption, The Africa House; Mary Awelana Addah, Executive Director, Ghana Integrity Initiative; Ibrahim Tommy, Executive Director, Center for Accountability and Rule of Law; Ntama Bahati, Policy Analyst, Africa Faith and Justice Network.
Sponsors: Africa Faith & Justice Network; Ghana Integrity Initiative; Center for Accountability and Rule of Law; and Jubilee USA Network
Location: I Building-2-220
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. Visit AMWeb to view the full schedule of World Bank and IMF events. Click on the “View Event” link from the schedule and then (if prompted) log into the viewing platform with your login credentials.
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April 19, 2024 | 11:30 - 1:00 pm ET
Moving Beyond Current Debt and Development Crisis: Solutions for Genuine Debt Sustainability
The debt crisis is a reality in too many countries. High interest rates and debt service payments are squeezing Global South countries' fiscal space and jeopardizing their ability to invest in climate and development. To get solutions right it is key to restore debt sustainability in a way it also ensures governments capacity to guarantee human rights, gender equality and climate action, but also to look at the crisis from a structural perspective. The panel will explore how to effectively solve this debt crisis considering it is as well a development crisis.
Eurodad's Policy and Advocacy Manager Iolanda Fresnillo moderates a panel with Samantha Kanoyangwa, Coordinator, African Sovereign Debt Justice Network (AfSDJN); Jason Rosario Braganza, Executive Director, African Forum and Network on Debt and Development – AFRODAD; Marina Zucker-Marques, Senior Academic Researcher, Debt Relief for a Green and Inclusive Recovery; Mark Flanagan, Deputy Director, Strategy Policy and Review Department, International Monetary Fund (IMF).
Sponsors: African Forum and Network on Debt and Development – AFRODAD; African Sovereign Debt Justice Network (AfSDJN); Arab NGO Network for Development (ANND); ActionAid International; The Asian Peoples' Movement on Debt and Development (APMDD); Jubilee USA Network; Bretton Woods Project; The Center for Economic and Social Research (CESR); Debt Justice Norway; Debt Relief for a Green and Inclusive Recovery (DRGR) Project; Development Finance International; Erlassjahr; European Network on Debt and Development – Eurodad; Global Policy Forum; Institute for Economic Justice; SEATINI Uganda; La Red Latinoamericana por Justicia Económica y Social (LATINDADD); The Initiative for Social and Economic Rights (ISER); and the International Trade Union Confederation (ITUC).
Location: HQ2-03B-768B Lecture Room
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94507495058?pwd=THQxbHZ2N244L2dPS25PdWtIUFBmQT09#success
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Anjoulie Woodhead published IMF Chief Warns of Debt Payments in Low-Income Countries Ahead of IMF, World Bank and G20 Meetings in Press 2024-04-11 14:20:07 -0400
IMF Chief Warns of Debt Payments in Low-Income Countries Ahead of IMF, World Bank and G20 Meetings
Global Economic Losses Since Dawn of Pandemic Hit $3.3 Trillion
Since 2020, the global economy lost $3.3 trillion. The loss affected the most vulnerable countries hardest noted International Monetary Fund chief Kristalina Georgieva. Delivering her curtain raiser speech ahead of the IMF, World Bank and G20 Spring meetings, she stated debt remains at high levels in most countries, with the poorest countries spending more than 14% of their budgets on debt payments.
"Debt continues to be one of the primary concerns for developing countries," said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "Georgieva points out that debt will continue to be a stumbling block for too many countries."
Debts had increased for more than a decade and the necessary spending to protect lives and jobs during the pandemic added to the trend according to Georgieva.
"The poorest countries saw the biggest losses from the pandemic," remarked LeCompte. "While some countries are recovering, many developing countries are still worse off than they were before the pandemic."
According to the IMF head, interest rate hikes are pushing up higher debt servicing costs.
"It is time to cut interest rates," shared LeCompte. "Interest rates are making debts soar for poor countries and pricing food and fuel out of reach for too many of us."
The curtain raiser speech calls for budget cuts as one of the tools to stabilize debt. However, a year ago the IMF flagship World Economic Outlook found that spending reductions had little effect on reducing debt, while debt restructurings had achieved debt reductions of 8 percentage points in the medium term.
“There are a number of countries where debt relief is the best option to quickly restart their economies and build economic growth,” shared LeCompte.
Watch the curtain-raiser speech here.
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Anjoulie Woodhead published Financial Times Features Aldo Caliari's Letter On the Sovereign Debt Stability Act in Press 2024-03-29 14:59:59 -0400
Financial Times Features Aldo Caliari's Letter On the Sovereign Debt Stability Act
The Financial Times features Aldo Caliari's letter in response to Leland Goss' letter "Flaws in New York State’s well-intended debt plan." Read an excerpt below, or the full article here.
Letter: No surprise unions back New York State’s debt plan
By Aldo Caliari
Leland Goss (“Flaws in New York State’s well-intended debt plan”, Letters, March 13) mischaracterises important aspects of the proposed New York State legislation.
The reference to “equitable burden-sharing” is part of a definition that actually, read in full, simply refers to the rules set by international debt relief initiatives. The bill does not create any new standard, but incorporates what is state of the art in the international community’s approach to resolving debt crises, and is crafted to dynamically capture its expected evolution. This includes any shaping of the standards to emerge from the G20-led Global Sovereign Debt Roundtable, and other attempts at building consensus among creditors and sovereign borrowers.
The protection the bill provides to debtors faced with a lawsuit will disincentivise rather than lead to more litigation, thus encourage engagement of all private creditors in negotiations.
Read more here.
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Anjoulie Woodhead published The Sovereign Debt Stability Act bill and bill memo in The Sovereign Debt Stability Act 2024-03-13 15:48:39 -0400
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Anjoulie Woodhead published New York State Public Health Association Support Memorandum for the Sovereign Debt Stability Act in Organizational, Group and Individual Letters and Memos in Support of The New York Taxpayer and International Debt Crises Protection Act 2024-03-11 15:11:26 -0400
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Anjoulie Woodhead published SECAM Statement to the 56th Conference of African Ministers of Finance, Planning and Economic Development in Press 2024-03-01 14:15:28 -0500
SECAM Statement to the 56th Conference of African Ministers of Finance, Planning and Economic Development
The Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) issued a statement calling for effective debt relief, a significant increase in the flow of resources for development and strengthened governance frameworks as the 56th Conference of African Ministers Meetings commence in Victoria Falls, Zimbabwe.
Read the statement here.
Read the press release on the statement here.
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Anjoulie Woodhead published Jubilee USA and Africa Faith Webinar Ahead of African Finance Ministers Meeting in Press 2024-02-29 08:11:32 -0500
Jubilee USA and Africa Faith Webinar Ahead of African Finance Ministers Meeting
CLICK HERE TO REGISTER.
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Anjoulie Woodhead published Brazil Chairs G20 and Vows to Address Poverty, Hunger and Climate Change as Finance Ministers Gather in São Paulo in Press 2024-02-28 11:08:47 -0500
Brazil Chairs G20 and Vows to Address Poverty, Hunger and Climate Change as Finance Ministers Gather in São Paulo
The Brazilian Presidency of the G20 hosts finance ministers for their first G20 meeting this year. Brazil’s vow to make the reduction of poverty and hunger priorities this year takes place amidst the world’s worst growth projections in the last three decades, spreading armed conflicts and rising debt payments.
“Debt payments in developing countries are equal to what many of these countries spend on health, education, social programs and climate issues combined” said Eric LeCompte, Executive Director of Jubilee USA Network. “Giving developing countries effective tools to cut their debt is essential for progress on any of the priorities the G20 sets for this year.”
The World Bank forecasts that debt payments will rise 10% in 2023-2024 compared to the previous two years. A G20 debt reduction initiative began in 2020, the Common Framework, has only attracted four applicants, three of which remain stuck without an exit to their debt crises.
Brazil continues the G20 efforts to increase the capacity and to reform development banks.
“The G20 needs to track how development banks meet new challenges and growing demands,” noted LeCompte.
Brazil also announced plans to advance the group’s cooperation on halting climate change and aligning financial actions with the objectives of the Paris Climate Agreement.
“The G20 can build consensus on meeting the climate funding goals that the UN climate conference needs to finalize by the end of this year," shared LeCompte.
This year’s UN climate conference, COP29, is the deadline for agreeing on a new climate finance goal starting in 2025. G20 leaders agreed last year that $100 billion a year is the floor for any new climate finance commitments.
“We worry that too many of the increased climate resources may come in the form of loans that add to high debt burdens.”
In last year's October G20 gathering the group avoided commenting on the conflict in Israel and Gaza.
"There are strong tensions among G20 leaders around the conflicts and humanitarian crises taking place in Ukraine and Gaza and Israel."
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Anjoulie Woodhead published US News Quotes Eric LeCompte on Economic Challenges Faced by Developing Countries in the Aftermath of the Pandemic - Jubilee USA Network in Press 2024-02-13 12:48:10 -0500
US News Quotes Eric LeCompte on Economic Challenges Faced by Developing Countries
U.S. News & World Report quotes Eric LeCompte on the economic challenges faced by developing countries due to the pandemic and high debt. Read an excerpt below, or the full article here.
Resilient U.S. Boosts IMF Forecast for Global Economic Growth
By Tim Smart
Eric LeCompte, executive director of the religious development organization Jubilee USA Network, also noted that many countries still face the twin concerns of dealing with the aftermath of the pandemic and crushing debt burdens.
“Most countries are facing economic challenges while their debt payments are too high,” he said "When countries need resources and interest rates on loans are high, we have a recipe for more crises."
LeCompte also stated that developing countries spend 13% of their budgets repaying debt, more than double the figure 15 years ago.
“While developing countries are still dealing with challenges from the pandemic, slow growth and high debts are bad news,” LeCompte added. “Developing countries need debt relief and more resources to confront continuing economic shocks."
Read more here.
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Anjoulie Woodhead published Eric LeCompte Comments on Davos 2024 in America Magazine in Press 2024-01-31 15:15:15 -0500
Eric LeCompte Comments on Davos 2024 in America Magazine
America Magazine quotes Eric LeCompte on the current global economic system's inability to eradicate poverty. Read an excerpt below, or the full article here.
The Weekly Dispatch: Wisdom from Pope Francis for the billionaires meeting in Davos
By Kevin Clarke
Eric LeCompte is the executive director of Jubilee USA Network, a coalition of religious, development and advocacy groups focused on debt relief for the world’s poorest economies. He believes “from a Catholic point of view,” there is good reason to look askance at some of the “false promises” coming out of Davos, including “the idea that artificial intelligence, better technology and the economic system as it is can deal with global poverty, deal with inequality, create the jobs we need as well as protecting our planet.”
“These are messages that the church has been skeptical about,” he says, “knowing that throughout human history, unless we have an ethical economy, no matter what technology we have or what new systems or new businesses we have, we’re not going to create the world that is…promised, where we all have enough.”
Davos is an experience, Mr. LeCompte says, where important ideas are discussed, business relationships secured and deals made, but in the end not much is practically achieved in terms of addressing global poverty and inequity. Its relevance has been even more diminished, he believes, since the arrival of tech giants on the Davos scene, who use the conference to showcase their digital wares and vision. To many it is merely “the best party in Europe.”
Read more here.
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Anjoulie Woodhead published IMF Says Historic Low Growth and Sluggish Economy Will Continue in Press 2024-01-30 14:13:47 -0500
IMF Says Historic Low Growth and Sluggish Economy Will Continue
Debt and War Present Major Global Economic Challenges According to IMF
The IMF forecast 3.1% global growth in 2024, a fifth of a point increase on its October projection. According to the IMF, the new forecast is still below the 3.8% growth average during the two pre-pandemic decades. The report noted risks to trade routes as a result of war and that the Israel and Gaza conflict spreads and sends food and fuel costs to new highs.
“Most countries are facing economic challenges while their debt payments are too high,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "When countries need resources and interest rates on loans are high, we have a recipe for more crises."
Developing countries spend 13% of their budgets repaying debt, more than double the figure 15 years ago, and debt problems prevent necessary investments, according to the IMF. High rates moved by major central banks, in attempts to contain inflation, fuel a higher cost of borrowing for these countries.
“While developing countries are still dealing with challenges from the pandemic, slow growth and high debts are bad news,” added LeCompte. “Developing countries need debt relief and more resources to confront continuing economic shocks."
Earlier this month, the World Bank found that 40% of the low-income countries are poorer than before the pandemic. Developing country debt payments were at the highest level ever in 2022 and expected to continue to grow.
Read the IMF's World Economic Outlook Update here.
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Anjoulie Woodhead published 2023 Jubilee Report: Historic NY Leg, Puerto Rico, Billions Won, Gains and Challenges in Press 2023-12-22 15:05:42 -0500
2023 Jubilee Report: Historic NY Leg, Puerto Rico, Billions Won, Gains and Challenges
Friend,
Our 2023 Jubilee report is out. Through pictures and words our year-end report details our work over the last year from New York to Africa to Puerto Rico.
Please read and share our 2023 end-of-year report that details how our Jubilee efforts are saving lives and livelihoods and protecting our planet.
We won billions in aid this year for developing countries. Our Executive Director Eric LeCompte addressed 46 presidents and primeministers of these countries on how to move their populations from poverty to prosperity.We changed global policies on debt and development. We appeared in tens of thousands of news outlets.
Read and share our Jubilee USA Network 2023 end-of-year report.
We look forward to continuing our productive efforts, together, in the new year.
Gratefully,
Aldo Caliari
Senior Director of Policy and Campaigns
Jubilee USA Network
[email protected]
www.jubileeusa.org/support-us
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2023 End of Year Report
Click here to review the report.
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Anjoulie Woodhead published Climate Summit Agrees to Reduce Use of Fossil Fuels and Commits More Resources to Fight Climate Change in Press 2023-12-15 15:03:13 -0500
Climate Summit Agrees to Reduce Use of Fossil Fuels and Commits More Resources to Fight Climate Change
Pope Francis and Africa Catholic Bishops Call for Debt Relief to Fight Climate Change Impact on Developing Countries
Nearly 200 countries agreed to cut the use of all fossil fuels during COP28, the UN climate change conference that concluded in Dubai. According to the UN, the world is facing catastrophic temperature changes unless countries take more dramatic action to reduce their reliance on fossil fuels.
“While we saw important commitments in Dubai, we are not taking action quickly enough to address climate change," said Eric LeCompte who serves on United Nations expert groups and is the Executive Director of the religious development organization Jubilee USA Network. "Developing countries urgently need more resources as they wrestle with some of the worst impacts of climate change."
Developing countries need to spend $2.4 trillion on climate challenges and another $3 trillion on other development priorities, noted a group of experts commissioned by previous COP presidents.
"The Dubai agreement noted that countries need more aid, relief and cheap loans to avoid increasing debt," stated LeCompte.
In 2023, spending on debt service will be 12.5 times higher than spending on climate adaptation, according to a brief Jubilee USA Network and other organizations launched in November.
Africa's Catholic Bishops said that while Africa is historically not responsible for global warming, the region suffers the highest vulnerability to it. The statement by the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) called for removing the obstacle of debt and scaling up aid to the region in the lead up to the new Jubilee 2025 year. In Pope Francis' address to COP28, delivered by Vatican Secretary of State Cardinal Parolin, Francis called for solutions that do not penalize “the development of many countries, already burdened by grave economic debt,” and called for “remitting” such debts.
"We will not raise the money we need to address climate challenges without debt relief," shared LeCompte.During the conference the World Bank announced its loans to vulnerable countries will include clauses that pause debt payments temporarily when the debtor suffers a climate-related disaster.
“Debt payment pause clauses in loan contracts are essential to more fairly share climate change burdens and impacts of disaster between creditors and debtors,” added LeCompte. “We need these types of clauses in all loan contracts.”
The conference launched a fund to compensate countries for climate-related losses, attracting initial donor pledges totaling $800 million.
“Droughts, storms, floods, poorer harvests and rising health problems are among the many climate effects hurting developing countries,” expressed LeCompte. “While we have critical commitments to raise resources to combat climate change, we will need more."
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Anjoulie Woodhead published COP28 Climate Summit Negotiations Focus on Commitments for Developing Countries to Adapt and Solve Climate Crisis in Press 2023-11-29 17:24:51 -0500
COP28 Climate Summit Negotiations Focus on Commitments for Developing Countries to Adapt and Solve Climate Crisis
Most Developing Countries Spend More on Debt Service than on Addressing Country Climate Crisis Challenges
Dubai prepares to host nearly 170 prime ministers and presidents as part of COP28, this year’s United Nations conference to reach agreements on measures to stop climate change. High on the agenda are negotiations on climate aid for developing countries to address growing challenges from the climate crisis including greater natural disasters, rising sea levels and forest destruction.
"Wealthy countries pledged to provide some resources for developing countries to address the growing climate crises that are impacting their people," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. "The commitments weren't enough and what was committed hasn't materialized. The climate summit needs to find out where the money is coming from and how to increase resources to address the climate crisis."
Delegates seek to finalize details on a fund to compensate developing countries for climate-related damage that last year’s climate conference agreed on. A 24-country committee tasked with developing details on contributions and operational aspects of the fund, released its proposal earlier this month.
“The Dubai negotiations need to finalize the funding and structure of the loss and damage climate fund so vulnerable countries get some relief soon,” added LeCompte. "Ninety percent of developing countries pay more on debt service than on climate spending. Debt relief and new sources of aid will need to be on the table if we are to raise the resources we need."
A range of governments, experts and civil society organizations are pushing climate summit negotiators to agree on a number of ways for countries to raise resources, including debt relief. Proposals and decisions include addressing which countries need debt relief, climate clauses in debt contracts, controlling interest rates and cheap loans.
According to the OECD, the pledge wealthy countries made in 2009 to transfer $100 billion in annual climate finance to developing countries, remains unfulfilled. The Dubai gathering assesses progress as well as to continue negotiations towards a new climate goal starting in 2025.
“With what we know about climate today and the impacts on our health and planet, the new climate finance goal should be much larger than 2009,” shared LeCompte. "In addition to the climate crisis, countries are wrestling with food and fuel crises, poverty, poor economic growth and shocks from the pandemic."
G20 leaders meeting in New Delhi in September agreed that $100 billion a year is the floor for any new climate finance commitments.
“During the summit, it will be crucial to watch the G20 and the IMF as they are key for setting climate goals and moving forward the resources we need,” said LeCompte.
