According to estimates by the development organization Oxfam, the seven rich industrialized countries (G7) owe the poor countries about 13 trillion dollars. development aid not provided and support in the fight against climate change. But instead of meeting their commitments, the G7 countries and their banks are demanding $232 million a day in debt payments from the Global South, Oxfam criticized Wednesday ahead of the G7 summit in Hiroshima, Japan, which will be held from Friday to is held on Sunday.
“Wealthy G7 countries like to present themselves as saviors, but they are deadly double standards,” said Oxfam director Amitabh Behar. He adds:
Their wealth was also built on colonialism and slavery.
Oxfam said the G7 summit comes at a time when workers are seeing wage cuts and food prices are skyrocketing. World hunger is on the rise. For the first time in 25 years, extreme wealth and extreme poverty increased simultaneously.
The G7 countries have broken their pledge to give $100 billion annually to poorer countries to tackle climate change. Their carbon emissions have caused an estimated $8.7 trillion in losses and damage in low- and middle-income countries. The rich countries had already promised in 1970 to spend 0.7 percent of their annual economic output on development aid: $4.49 trillion had not materialized – more than half of the pledge.
“This money could have made a difference”said Behar. It could have paid for children’s schools, hospitals, life-saving medicines, access to water and better roads, agriculture and food security, and much more. “The G7 must pay their debts,” said the Oxfam boss.
(yam/sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
