Budget Advocacy Network Makes Case For Debt Cancellation at COP28
By Mohamed Konneh
The Budget Advocacy Network (BAN) and other international coalitions and organisation during COP28 has call for debt cancellation to address climate issues.
The call was made on Friday 8th December 2023, when debt campaigners from across the world organised a protest at the COP28 international climate summit to highlight the importance of tackling the debt crisis to achieve climate justice. Budget Advocacy Network, Debt Justice, Asian People's Movement on Debt and Development, Debt for Climate and Menafem Movement for Economic Development and Ecological Justice shared the experiences of people from around the world to highlight how the debt crisis is hampering climate action and that how climate disasters are pushing more countries into debt.
The groups are demanding for adequate, grant based public finance and debt cancellation.
The Coordinator of the Budget Advocacy Network Abu Bakarr Kamara participated fully in climate financing sessions with support from the European Union through the National Authorising Office.
As part of his engagement, Mr. Kamara presented Sierra Leone debt situation as an example for debt cancellation for climate justice for the 54 countries that are already in debt distress.
Over the past eight years, BAN has collaborated with Debt Justice, Europe Debt Network, and African Development on Debt Network to advocate for debt cancellation and relief for nations that are at high risk or in debt distress, among which Sierra Leone is one (high debt risk[1]).
BAN has advocated for debt cancellation and relief[2] to support climate change in Sierra Leone for the past two COP conference. BAN calls at the COP26 conference was also highlighted by His Excellency, the President Julius Maada Bio of Sierra Leone, during his statement at the summit.
Currently, debt service alone takes 30% of the domestic revenue, and as such, debt cancellation and relief will provide the government with more fiscal space to spend on climate change mitigation and other social services.
