Yanis Varoufakis, Thomas Picketty, Vanessa Nakate and leading experts call for debt cancellation at COP28


#DebtandClimate #COP28 #Cancelthedebt #UNTaxConvention #MakePollutersPay

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Yanis Varoufakis, Thomas Picketty, Vanessa Nakate and leading experts call for debt cancellation at COP28

More than 550 economists, development and climate experts including leading economists Yanis Varoufakis, Thomas Picketty, Jayati Ghosh, Ann Pettifor and Jason Hickel, philosopher Olufemi Taiwo and climate activists Vanessa Nakate and Hilda Nakabuye, have signed an open letter calling for debt cancellation at COP28. The open letter also received support from almost 300 organisations worldwide, including some of the most relevant climate networks, development international NGOs and human rights organisations.

The statement, coordinated by The Asian People’s Movement on Debt and Development, Latindadd, Eurodad and Debt Justice, calls for cancellation of the debts of lower income countries on the front line of the climate emergency, and for rich countries to significantly increase levels of grant-based climate finance.

Read the press release here.

Read the statement here. 

Also see below the report: The worst debt crisis ever: Putting climate adaptation out of reach, by Development Finance International.


Historic tax vote paves the way for a UN Tax Convention

Last week, a historic tax resolution tabled by the Africa Group was adopted at the UN General Assembly. This kickstarts an intergovernmental UN tax process to negotiate a new UN Framework Convention on International Tax Cooperation. While a minority group of mainly OECD countries voted against the resolution, it was adopted by an overwhelming majority.

Read the press release here.

Joint civil society letter: Consultation process for the EIB Global strategy

Eurodad, together with 16 other CSOs, has written to the EIB President and Board of Directors to express deep concern over the lack of public consultation on the EIB Global strategy. The letter also requests that, due to the lack of consultation, that the Board of Directors "should not approve the final EIB Global strategy."

Read the letter here. 

ODA is stretched thin beyond recognition and the DAC’s credibility is at stake

Here you can read a joint reaction from the DAC-CSO Reference Group to the OECD’s Development Assistance Committee’s High Level Meeting, which took place on 15 November. 

The reaction says that trends in recent years to use ODA to fill funding gaps in other international and domestic agendas, has caused ODA reporting to become increasingly convoluted and opaque. This has led to dissonance and a loss of trust, especially from civil society, but also amongst other expert observers. These policies will also further deepen the divide between donor governments and public opinion nationally and globally.

Read the reaction here. 

CSO statement on IMF surcharges and the climate crisis

by Center for Economic and Policy Research

Ahead of COP28, various civil society groups urge the International Monetary Fund to end its policy of levying billions of dollars in unnecessary and counterproductive surcharges so that heavily indebted countries will have more funds available to respond to the climate crisis. The groups, including Eurodad note that, combined, countries will have to pay more than $2 billion to the IMF by the end of 2025 in additional surcharges tacked onto the biggest and/or longest-term loans owed to the Fund.

Read the statement here. 

MenaFem Movement’s Urgent MENA Demands For Climate Justice At COP28

by MenaFem Movement

As COP28 kicks off in the Middle East and North Africa (MENA), MenaFem Movement and its partners and feminist groups, steps up to make sure women’s voices are heard loud and clear. Coming after the outcomes of COP27 in Egypt and the ongoing session in Dubai, UAE, MenaFem sees this as a chance to spotlight the concerns of MENA feminists, gender advocates, and climate activists.

Read the statement here. 


World’s wealthiest nation sends climate bill to poor countries

by Debt Justice Norway, Norwegian Forum for Development and Environment and Debt Justice UK

The new Norwegian guarantee scheme, which aims to provide support for green infrastructure in developing countries, heralds a shift to a new investment-based model of aid and climate finance. This will eat into official development assistance and increase indebtedness.

Read the article published in Development Today here. 

The trillion-dollar threat of climate change profiteers


Private investors are draining both companies and public coffers of funds needed for the transition to a sustainable energy economy. At the same time, asset managers are the top investors in their own shares, which creates a serious accountability problem. Binding regulations are needed to reorient the trillions in private finance towards sustainable investments.

Read the article here.


The colonial roots of global south debt: a tale of plunder, exploitation and resistance

by Debt Justice

This report exposes how current global south debt is both a colonial legacy, and a neo-colonial tool used by global north governments, institutions and corporations to plunder the wealth of, and extend their control over, global south countries and communities.

Read the report here.

Also read a briefing on colonialism and debt here, view a discussion package here or watch a video here

Tread Lightly. Why IFIs should put people and the environment at the centre of the transition mineral supply chain

by Recourse

This report explores the reality for mining and supply chains of transition minerals needed for renewable energy expansion in coming decades. It shows that taking the current approach to mineral mining will set up new social and environmental crises for countries in the Global South, adding to the climate emergency instead of solving it. How can the just transition to renewable energy ensure careful, contemplative, and intelligent development of mineral supply chains so that it treads lightly on people and planet?

Read the report here.

The worst ever global debt crisis: Putting climate adaptation spending out of reach

by Development Finance International

This policy briefing, prepared for the COP 28 Climate Summit in Dubai, shows that in 2023, spending on debt service will be 12.5 times higher than spending on climate adaptation. In 2024, it will be 13.2 times higher.

Read the briefing here. 

Gender just transition: A path to system change

by Wedo

This brief aims to enhance understanding of what a “gender just transition” means at a global and macroeconomic level; contextualize a just transition beyond the narrow framework of energy alone; posit the need for contextualized solutions across communities, countries, regions and sectors;  offer a framework for review when considering a gender just transition at a national level and uplift key demands on how to best integrate gender equality into the technical advocacy work at COP28.

Read the briefing here. 

Useful resources

Manifesto on the future of EU public finances

by Bankwatch Network

Public investment has a crucial role to play in tackling the various crises we face today by prioritising what is not profitable now, but essential in the long term. The measures proposed below will ensure that public money gets to the places and people that need it most. For this to happen, the EU must fulfil its international human rights and environmental obligations in order to protect the environment and improve the lives of its residents.

Read the manifesto here.

Transforming the Financial System for Climate Justice

by Rosa Luxembourg Stiftung

In collaboration with international allies, the Rosa Luxembourg Stiftung has launched this film, which shines a spotlight on the need for a real transformation of the financial system for climate justice to be achieved.

Watch the video here.

5 December | Information session on the "Support to civil society organisations to contribute to the achievement of the sustainable development goals (SDGs)"

Join Eurodad and other Policy Forum on Development (PfD) members during this event, hosted by the Directorate General for International Partnerships (DG INTPA). Muchimba Siamachoka, Programme Manager – Social & Economic Development, Jesuit Centre for Theological Reflection (JCTR) and Iolanda Fresnillo, Policy and Advocacy Manager at Eurodad will be presenting the achievements of the project “From commitments to actions: Increasing public accountability in the lead up to Monterrey+20’’.

Register for the event here. For those you have any questions about the event or/and are unable to register can contact Surayo Yuldasheva, Senior Project Coordinator, at [email protected].

This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders.