Global Consequences: The Looming Catastrophe of G20’s Inaction on Climate and Debt Crises

World Leaders Urged to Increase Assistance and Debt Relief to Address Climate Crisis

Amnesty International calls on G20 leaders to fulfill climate finance pledges

Amid the ongoing climate crisis and rising debt distress faced by climate-vulnerable states, Amnesty International has called on world leaders attending the G20 summit in New Delhi to take urgent action to deliver climate justice and safeguard human rights. The organization urges G20 leaders to fulfill previous climate finance commitments and adopt new measures, including comprehensive debt relief for countries in need. Failure to address these pressing issues could have catastrophic consequences for billions of people worldwide.

The Intersection of Climate and Debt Crises

The climate crisis, characterized by extreme weather events, and the debt crisis faced by many vulnerable states are intertwined, amplifying the threats to human rights. Soaring prices of staple foods, economic shocks, and the climate crisis pose unparalleled challenges for countries ill-equipped to address these global threats. Currently, 42 low-income countries are in debt distress, hindering their ability to protect people’s rights, particularly in the face of recurrent climate shocks.

The numbers of people living in extreme poverty, defined as those earning less than $2.15 a day, have increased for the first time since the G20 began meeting in 1999. Low-income countries are allocating a larger proportion of their national income to servicing debt than at any point in the last 30 years. With these trends, it is highly likely that the UN’s target of eradicating extreme poverty by 2030 will be missed.

Debt Relief and Climate Finance: A Call for Reform

To address the debt crisis and provide relief, the G20 must ensure that debt relief processes are fair, robust, and swift, enabling countries to effectively tackle multiple crises. The International Monetary Fund and other multilateral lenders often include conditionalities that burden the poor and vulnerable, lacking the necessary human rights framework needed to break free from onerous debt cycles. The G20 should support transformative reform of the international financial architecture that represents the interests of debtor countries, especially low-income states, as well as creditors. These reforms must also consider the devastation caused by recurrent extreme weather events driven by climate change, holding countries accountable for their contributions to climate change while preventing further debt accumulation.

Regarding climate harms, Amnesty International urges the G20 to firmly support the rapid phasing out of all fossil fuels. Without ambitious and immediate action, average global temperatures will far exceed the crucial 1.5˚C increase over pre-industrial levels, leading to devastating impacts on humanity. Severe droughts, record temperatures, wildfires, ocean warming, disappearance of polar ice caps, and deadly flooding are among the dire consequences already being witnessed this year. Lower income countries cannot be expected to meet their commitments to transition away from fossil fuels if wealthier nations continue to evade their obligations and fail to provide sufficient climate finance and debt relief to vulnerable states.

India’s Role and Responsibility as G20 Host

As India prepares to host the G20 summit, it must address its own track record of reliance on fossil fuels and play a leading role in a just global energy transition. The country has experienced searing heatwaves, droughts, floods, and air pollution caused by burning fossil fuels. India must also ensure that it upholds the rights of freedom of expression, assembly, and association, allowing civil society to operate freely and dissenting voices to be heard.

Looking Ahead

The G20 summit in New Delhi is a crucial opportunity for world leaders to address the pressing challenges of the climate crisis and debt distress faced by vulnerable states. As this summit precedes other significant climate events, such as the UN General Assembly High-Level week, the UN Secretary General’s Climate Ambition Summit, and the COP28 climate meeting, the decisions made at the G20 will set the tone for future global climate action.

The world is at a critical juncture, and the cost of inaction will be catastrophic. It is vital for the G20 leaders, working closely with international financial institutions, to fulfill their climate finance pledges, provide comprehensive debt relief, and embrace transformative reforms to the international financial architecture. By doing so, they can effectively address the climate crisis, safeguard human rights, and pave the way for a more sustainable and just future for all.

Environmentalcrisis-climatechange,debtcrisis,globalconsequences,G20,inaction