G-20 must address debt, climate change

The G-20 leaders must take urgent action to address the ongoing economic crisis on the most vulnerable people in our country and around the world. The world's poorest countries are bearing the brunt of the crisis, with 100 million people set to be pushed into poverty this year, and yet they have no voice in the G-20. The G-20 promised swift action for the world's poor at their last meeting in London in April. However, a recent report from Jubilee USA Network found that of the $50 billion in new resources promised by the G-20 to the poorest, less than half has been delivered to date. But banks and financial institutions have been bailed out to the tune of $18 trillion - that's 785 times more than poor countries have received in additional resources.

The G-20 must keep their promises to the world's poorest and go much further.

We are at risk of a renewed poor country debt crisis without quick action. Three dozen of the world's poorest countries are so far in debt that they are at risk of defaulting on their loans. But 99.86 percent of the new money promised by the G-20 leaders to the poorest comes in the form of loans rather than grants or needed debt relief. It's pouring fuel on the fire of the poor country debt crisis. Instead, the G-20 should commit to cancel the debt for all poor countries whose debt levels currently prevent them from meeting their people's basic needs.

Developed country members of the G-20 have not yet put urgently needed money on the table to finance adaptation to climate for the poorest countries. The G-20 must take ambitious steps help finance the fight against climate change, which has disproportionate impacts on the poorest countries, by providing new and predictable financial resources for adaptation and clean technology.

Jeff Hopkins

Lindenhurst