In the wake of G20 summit in Rome and as the global climate meeting in Glasgow gets underway, those of us who hold out hope for an international system that can produce meaningful change are disappointed by failures both on debt cancellation and vaccine distribution—and working for better results on climate issues.
“Political games while the world burns” was the assessment by the European Network on Debt and Development (Eurodad) after the annual meetings Oct. 11-17 of the World Bank and International Monetary Fund.
Back in April 2020, when pandemic lockdowns still were a novelty, the G20 announced a debt service suspension initiative (DSSI). But the Jubilee Debt Campaign says that the DSSI has suspended less than a quarter of debt payments for a very limited group of 46 countries.
Tim Jones, Head of Policy at Jubilee Debt Campaign, said: “The failure to make banks, hedge funds and oil traders take part in the G20’s flagship debt suspension scheme has made a mockery of this initiative. Tens of billions of dollars have flooded out of lower income countries at a time when they were desperately needed to protect lives and livelihoods.”
The campaign also cited research showing that 34 countries spend five times more on debt payments than climate change mitigation or adaptation.
Vaccine sharing
Meanwhile, about 82 countries cannot meet the World Health Organization (WHO) target of 40 per cent Covid-19 vaccination coverage by end of the current year. The global vaccine-sharing arrangement known as COVAX has delivered only about 400 million doses to about 140 low- and middle-income countries.
On Oct. 28, WHO and other aid groups called on the G20 to fund a new, a U.S. $23.4 billion plan to bring vaccines, tests and drugs to impoverished countries in the next year.
During the G20 summit in Rome two days later, Canada announced it will donate 10 million Moderna vaccines and deliver 200 million doses by the end of next year. The new promise comes despite abject failure of the last set of promises: Canada delivered only 3 million doses out of a planned 40.7 million does announced at the G7 summit last June.
On average, the G20 countries have vaccinated about 55 per cent of their eligible populations, reported The Globe and Mail. Globally, the figure is 38 per cent, and in Africa, only seven per cent.
Sharing costs of climate change
A day before being shuffled out his job as Canada’s environment minister, Jonathan Wilkinson joined German and British counterparts in a news conference Oct. 25 to announce “significant progress” in getting commitments from rich countries to boost financing for climate change adaptation and mitigation in the developing world.
At the Copenhagen summit 12 years ago, wealthy countries pledged channel U.S. $100 billion each year to fund this effort. That level was never achieved.
The plan announced by Wilkinson, together with Germany’s Jochen Flasbarth and the U.K.’s Alok Sharma—the COP26 president-designate—would see U.S. $500 billion flow over the five years 2021-25.
Access to climate finance has been a critical issue for many developing countries, and failure to meet past goals had become “a matter of trust,” the ministers said.
A report posted on the COP26 presidency’s website does not show the commitments of individual countries, noting, for example, that the Biden administration in Washington “will work closely with Congress” to achieve U.S. commitments.Moreover, about 70 per cent of the funds would be in the form of loans, not grants, and part of the funding would come too from the private sector.
Equitable financing—based on recognition that the wealthy countries foster an economic system that uses carbon-intensive technology to exploit of the planet’s resources—is part of the challenge everyone on the planet faces as the Glasgow COP gets underway.
But underlying the struggles over who pays is the issue of holding to the 2015 Paris commitment to limit the carbon-induced temperature rise to 1.5 degrees above pre-industrial levels. As “environmental icon” David Suzuki said on CBC Radio this morning, if we love our children and grand-children—and if we love participating with all of this planet’s life and generosity—we’ll stop adding more carbon to the atmosphere.
Many of Canada’s faith-based organizations have come together in an initiative called For the Love of Creation to mobilize education, reflection, action and advocacy for climate justice. The United Church of Canada has shared its accredited status at the COP with other members, and together they formed an ecumenical delegation to work “virtually” at the summit. You can follow the delegation’s activities at COP26 by following #FLCCOP26, #UCCanCOP26 on Facebook and Instagram.
Unwrapping Development 