More than 3.3 billion people live in countries that are spending more on debt payments than on health or education, standing in the way of sustainable development. In many countries, debt repayments far outweigh spending on climate action and addressing the impacts of the climate crisis. For heavily indebted countries, public debt has grown so large that repayment is impossible, burdening future generations.

Meanwhile, wealthy countries, including Canada, and corporations exploit resources from heavily indebted countries and from Indigenous communities causing human rights violations and severe ecological harm. This creates an “ecological debt” owed to those countries and to Indigenous peoples. This can change. 

(www.devp.org/en/)