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##advocates in labor unions, #faith groups, and other #nonprofits hope that the New York #Taxpayer and #Debt Crisis Protection Act will be among the bills to make it to Governor Kathy Hochul’s desk. The measure would level the playing field for public and private #creditors, including those that try to extract as much money as possible from #climate-vulnerable #borrowers.
https://newrepublic.com/article/173404/new-york-unlock-billions-climate-finance-foreign-debt
“What we learned at the dawn of the #pandemic is that the most important decisions on #climatechange aren’t made at the U.N. but in the IMF, World Bank, G20, and New York State legislature. It’s those entities which can free up resources for #climatemitigation and #adaption.”
Preventing #privatecreditors from abusing the system could free up desperately needed #fiscal space for #poorercountries to respond to and prepare for the #climatecrisis. In 2021, #lowincome countries spent an average of 27.5 percent of their #budgets on #debt service; #Nigeria spends a remarkable 96 cents on every #dollar paying back #creditors, according to the #World =Bank.
@godsouza Not just private lenders. Let us not let the Peoples Republic of China off the hook here. They are Nigeria's largest creditor besides the World Bank itself.
The World Bank could set a good example by forgiving loans where doing so can facilitate mitigation efforts. So could China.