As a co-founder of the Global Alliance for a Green New Deal (GGNDA), I’ve signed a statement calling for new money from IMF, a wealth tax and reform of global finance so that the global South can tackle climate breakdown and invest in a Green New Deal.

Ahead of the Summit for a New Global Financial Pact in Paris, we call upon the leaders present at the Paris summit to lay the foundations for a global Green New Deal by supporting:

  • A new issuance of the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) for immediate global relief, at least equalling the $650bn released in response to the Covid-19 pandemic. Recycled SDRs channeled to lower income countries must: be additional to existing Overseas Development Assistance (ODA) and climate finance commitments; provide debt-free financing; not be tied to policy conditionality; be accessible to middle-income countries; and include transparency and accountability safeguards on both providers and recipients.

  • An end to unsustainable debt payments, including the elimination of IMF surcharges. This measure should include immediate interventions to increase fiscal space, as well as a coordinated institutional response for longer term solutions to the debt crisis.

  • Adequate grant-based funding for the Loss and Damage Fund set up at COP27. The sources of this funding should be based on the ‘polluter pays’ principle.

  • International tax justice, including the regulation of illicit financial flows, a financial transaction tax, an end to tax havens and profit-shifting, and a wealth tax on the very richest.

  • The urgent and long overdue reform of the international financial institutions so that they are democratically governed and accountable to the world’s people.

Read more from the Global Alliance for a Green New Deal here.

Link to Instagram Link to Twitter Link to YouTube Link to Facebook Link to LinkedIn Link to Snapchat Close Fax Website Location Phone Email Calendar Building Search