Coinciding with the G7 summit.. Oxfam: Rich countries owe poor countries $13 trillion and are required to pay

Ahead of the G7 summit, Oxfam did an inventory of the debt that rich countries would have had towards poor countries. She said that the G7 countries owe the countries of the South a huge debt of $13 trillion.

The Group of Seven industrialized countries will hold a summit in Hiroshima, Japan, today, Friday, to discuss a number of issues on the international scene, the most important of which is Russia’s war on Ukraine and “economic coercion” that China may practice, in addition to military tensions in East Asia.

The unique calculation took into account what Oxfam said was a backlog of unfulfilled pledges to offset losses caused by carbon dioxide emissions in countries of the South.

In the details of this inventory of the debts of rich countries, Oxfam explains that the G7 countries have failed to fulfill their pledge to provide $ 100 billion annually until 2025 to help poor countries adapt to climate change.

Its carbon dioxide emissions would have caused $8.7 trillion in losses in low- and middle-income countries.

Oxfam called on the G7 governments to cancel the debt of low- and middle-income countries and then return to 0.7% of gross national income aid, as well as fulfill their commitments to combat climate change.

Oxfam estimates that an additional $27.4 trillion is needed through 2030 to close funding gaps.

Oxfam’s report ironically comes at a time when the G7 countries and their wealthy bankers are demanding that the countries of the South pay $232 million a day to pay off their debts until 2028.

So who is the creditor and who is the debtor?

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