Cardinal Parolin spoke at COP29 on behalf of Pope Francis
Pope Francis has urged world leaders not to allow new financial support for countries affected by the climate crisis to worsen the debt crisis low-income countries face.
The call from the Pope was relayed by Vatican Secretary of State Cardinal Parolin at the COP29 climate talks in Azerbaijan.
Negotiations are taking place at the summit on how to provide money to countries that have contributed least to causing the climate crisis but who face unaffordable bills to cope with its impacts.
The majority of this money, known as ‘international climate finance’, is provided as loans to countries on the frontline of the climate crisis. This is adding to the debt crisis many of the same countries are facing, with governments having to choose between paying for measures to tackle the climate crisis or paying large interest bills on debts.
Rich countries owe ‘ecological debt’
Cardinal Parolin warned in the address that new climate finance mustn’t undermine the ability of “many countries that are already burdened with crippling economic debt” to adapt to the impacts of the climate emergency.
The Cardinal drew attention to the Pope’s call for countries that have contributed most to the greenhouse gas emissions to acknowledge the “ecological debt” they owe to countries that have contributed least.
Negotiators should remember that “ecological debt and foreign debt are two sides of the same coin”, the Cardinal warned on behalf of the Pope.
Countries must ‘live as members of one family’
The Pope’s message also spoke of the need for countries to tackle the climate crisis as part of acting as “members of one family inhabiting the same interconnected global village”.
“Selfishness – individual, national and of power groups – feeds a climate of mistrust”, the Holy Father's message said.
Instead, a “new international financial architecture” based on “equity, justice and solidarity” is needed to “enable everyone to reach their full potential and see their dignity respected”.
What happened at COP29?
The COP29 talks in Azerbaijan ended with a weak deal to provide low-income countries with money to tackle the climate crisis.
Governments at the summit agreed to increase the amount of money countries hardest hit by the crisis will receive to $300bn a year.
But the agreement will not provide enough money for affected countries to prepare for climate disasters and rebuild after emergencies.