Blood in the water: Rebels dye IMF fountain red to demand G7 cancel debt to Global South

Extinction Rebellion DC, Scientist Rebellion and Debt for Climate Join Global Coalition Demanding the G7 Cancel Illegitimate Debt

(Washington, D.C. June 26, 2022) - During the G7 summit, members from Extinction Rebellion, Scientist Rebellion, and Debt for Climate dyed the IMF's fountain blood red, part of a global campaign to draw attention to the continued exploitation of the global south by the G7, multinational corporations, and their enablers like the IMF and other NGOs.

The red fountain, which was dyed with non-toxic, non-hazardous dye used in fish ponds, symbolizes the blood on the hands of the G7 and IMF for failing to cancel all debts owed by the Global South. Rich nations must allow these countries, many of which are on the verge of economic collapse, to allocate funds towards immediate climate action, enabling a just transition.

These impoverished nations have contributed the least to the climate crisis, yet are already and will continue to bear the brunt of the impacts from the extreme weather, crop failures and social destabilization that will lead to the mass migration of climate refugees in the coming decades.

The Debt for Climate campaign offers a simple, realistic way for high-emitting rich countries to prove they are serious about tackling the root problems of the climate crisis. Debt for Climate’s immediate push is to cancel all Global South debts on the balance sheets of international financial institutions and turn these funds into climate action.

The aim is to get the concept of Debt for Climate on the global agenda at the G7 through coordinated actions across the globe, bringing together labor unions, social justice groups and environmental movements. All added together, this could be an unprecedented movement linking social justice with climate justice.

NOTE TO EDITORS

For more information about the campaign and its demands visit https://debtforclimate.org/
The global South is historically responsible for just 8% of climate breakdown but suffers 82–92% of the costs and 98–99% of the associated deaths. The IPCC has emphasised that “Present development challenges causing high vulnerability [to climate breakdown] are influenced by historical and ongoing patterns of inequity such as colonialism, especially for many Indigenous Peoples and local communities”.
In 2020 alone, global South countries spent $372 billion servicing debt – money that could instead have been spent on improving human wellbeing, adapting to the climate crisis, and investing in a just transition to clean energy. For example, Africa has 40% of the world’s potential for renewable energy but only 2% of its investment; and last year 34 of the world’s poorest countries spent over five times more on debt payments than on protecting their people from climate impacts.
Research published this year identified 425 “carbon bombs” globally, capable of releasing twice the emissions required to breach the 1.5 ºC “safe” Paris target. Staying within the 1.5 ºC limit requires that nearly 60% of oil and gas and 90% of coal must remain in the ground by 2050. However, the World Bank and IMF – over which the G7 have disproportionate power – continue to push indebted nations such as Argentina, Mozambique, and Senegal towards further fossil fuel extraction in order to meet debt payments. In turn, poorer nations are pushed further into debt by climate disasters they did not cause, such as the devastating cyclones which forced Mozambique to take on a $118 million IMF loan in 2019.
With a growing debt crisis, countries in the global South are struggling to provide immediate basic needs like education and healthcare to their people as increasing proportions of government revenue are diverted towards meeting debt payments. This can come as a result of the austerity measures demanded by creditors, such as the 85% of IMF pandemic support loans that were conditional on public service cuts.

About Debt for Climate:

Debt for Climate is a grassroots, Global South-driven initiative connecting social and climate justice struggles by uniting labor, social, and climate movements from the Global South and North toward a common goal of turning debt-trap diplomacy on its head by canceling the debt of impoverished nations as a way to pay for leaving fossil fuels in the ground and financing a just transition.

#DebtForClimate #DeudaXClima