“We demand that the G20 governments commit to bolder measures to address the multiple crises, including mobilizing much-needed resources through inclusive debt cancellation, adoption of wealth taxes for spending on urgent economic and climate action, and the rechanneling of public funds away from fossil fuel subsidies towards renewable energy systems,” said Lidy Nacpil, coordinator of Asian Peoples’ Movement on Debt and Development , on Friday.
Ian Rivera, the coordinator of the Philippine Movement for Climate Justice , also urged the G20 “to deliver finance not only for the energy transition but also to cover the costs of adaptation, building resilience and addressing Loss and Damage.” But a G20 commitment to triple RE capacity by 2030 failed to get an agreement due to issues of financing, accessibility, and technology, according to APMDD.
Suspension Initiative “has proven grossly inadequate in matching the depth and breadth of the debt crisis.”
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