I remember the 2008 financial crisis all too clearly, when a major debt bomb exploded – leading to banks having to be bailed out, stock markets crashing, and friends losing their jobs. The term “debt crisis”, for me, can’t begin to capture the immensity of the human tragedy resulting from it.
In Pakistan, a debt crisis is pushing thousands of people to emigrate, most of them illegally. Usman Siddique was one of many young men who attempted to cross the Mediterranean Sea on overcrowded boats. He is lucky to live to tell his tale.
The climate shocks are exacerbating the debt problem in low-income countries, as waves of floods and fires destroy infrastructure, and require additional money from government coffers that are already nearly empty.
As the world gears up for COP28 in November, I wonder if a stronger case can be made for climate justice for low-income countries.
It wasn’t their carbon emissions that are to blame for the world’s climate woes. Cancelling some portions of their debt is not only humane, but also seems fair in light of what they have had to endure.
Pearl Forss
Producer, Debt Bomb
