A new report from ActionAid shows that rich nations owe Africa $36 trillion in climate debt. This revelation comes just before the start of the African Union Summit.
The report "Who Owes Who? External Debts, Climate Debts, and Reparations in the Jubilee Year" found that wealthy polluting countries owe poor nations $107 trillion in climate debt, which is 70 times more than the $1.45 trillion these nations owe in foreign debt.
Africa alone should receive at least $36 trillion, which far exceeds what African countries owe to others. Yet African nations keep paying debts to rich countries and global banks instead of spending on healthcare, education, and fighting climate change.
Arthur Larok from ActionAid International said African countries face crushing foreign debt as rich countries avoid paying for climate damage and past wrongs.
Lower-income African countries paid $60 billion in debt during 2024, which could have helped millions of people. Rich countries should pay Africa at least $1.4 trillion every year for climate help—25 times more than what Africa pays in yearly debt.
Chikumbutso Ngosi pointed out that debt payments hurt women and girls most by cutting funding for health and education. Rich countries never pay their debts to Africa.
The unfair global money system makes things worse. African countries pay about 9.8% interest on loans—12 times higher than Germany's 0.8% rate. This traps African nations in debt and prevents them from funding their needs.
The African Union named 2025 the Year of Reparations. ActionAid asks African leaders to stand against these unfair practices. They want a new UN system to replace the unfair IMF-controlled system and demand debt cancellation as a first step toward climate debt repayment.
Andrew Mamedu from ActionAid Nigeria said Africa needs debt cancellation and freedom from the colonial debt system that has hurt the continent for decades. The AU must push for a new UN Framework on Debt this Jubilee year.
The year 2025 offers a key chance to change global financial rules to help poorer nations.
Joy Mabenge from ActionAid Zimbabwe said we need to completely rebuild the global financial system and move power over debt away from the IMF to a more fair UN group.
The report "Who Owes Who? External Debts, Climate Debts, and Reparations in the Jubilee Year" found that wealthy polluting countries owe poor nations $107 trillion in climate debt, which is 70 times more than the $1.45 trillion these nations owe in foreign debt.
Africa alone should receive at least $36 trillion, which far exceeds what African countries owe to others. Yet African nations keep paying debts to rich countries and global banks instead of spending on healthcare, education, and fighting climate change.
Arthur Larok from ActionAid International said African countries face crushing foreign debt as rich countries avoid paying for climate damage and past wrongs.
Lower-income African countries paid $60 billion in debt during 2024, which could have helped millions of people. Rich countries should pay Africa at least $1.4 trillion every year for climate help—25 times more than what Africa pays in yearly debt.
Chikumbutso Ngosi pointed out that debt payments hurt women and girls most by cutting funding for health and education. Rich countries never pay their debts to Africa.
The unfair global money system makes things worse. African countries pay about 9.8% interest on loans—12 times higher than Germany's 0.8% rate. This traps African nations in debt and prevents them from funding their needs.
The African Union named 2025 the Year of Reparations. ActionAid asks African leaders to stand against these unfair practices. They want a new UN system to replace the unfair IMF-controlled system and demand debt cancellation as a first step toward climate debt repayment.
Andrew Mamedu from ActionAid Nigeria said Africa needs debt cancellation and freedom from the colonial debt system that has hurt the continent for decades. The AU must push for a new UN Framework on Debt this Jubilee year.
The year 2025 offers a key chance to change global financial rules to help poorer nations.
Joy Mabenge from ActionAid Zimbabwe said we need to completely rebuild the global financial system and move power over debt away from the IMF to a more fair UN group.
