AZERBAIJAN – VATICAN COP29: Card Parolin warns the climate crisis cannot be tackled without debt forgiveness

Vatican Secretary of State at COP29: debt forgiveness key to climate action

Debt is a major obstacle to climate action.

“The climate crisis cannot be tackled without debt forgiveness,” said Cardinal Pietro Parolin, Vatican Secretary of State, at the COP29 climate conference in Azerbaijan. He stressed that debt relief is key to enabling developing countries to invest in climate adaptation and mitigation measures.

“Debt is a major obstacle to climate action,” he said. “It diverts resources away from essential climate investments and makes it harder for countries to adapt to the impacts of climate change.”

Parolin called on developed countries to provide debt relief to developing countries as a matter of justice and solidarity.

Debt relief is a matter of justice and solidarity.

“Debt relief is not only a matter of economics, but also a matter of justice and solidarity,” he said. “The countries that have contributed the least to climate change are often the ones that are suffering the most from its impacts.”

Parolin also called for a reform of the international financial system to make it more just and equitable.

“The international financial system needs to be reformed to make it more just and equitable,” he said. “We need a system that supports sustainable development and that does not impose unfair burdens on developing countries.”

Parolin's speech was well-received by many at COP29.

Parolin’s speech was well-received by many at COP29. Many developing countries have long argued that debt relief is essential for climate action. They welcomed Parolin’s support for their position.

However, some developed countries have been reluctant to provide debt relief. They argue that it would be unfair to taxpayers in their own countries.

The debate over debt relief is likely to continue in the lead-up to COP30, which will be held in the United Arab Emirates in 2023.