The colonial setup of the IMF and World Bank places immense power at the hands of the G7.

Voting shares are based on economic power – richer countries get more votes and poorer countries’ voices are sidelined. (1/4)
#uniteagainstclimatefailure
In the IMF, a British person’s vote is worth 41 times more than a Bangladeshi’s vote and 23 times more than a Nigerian’s vote. Both are former British colonies. (2/4)
Despite constituting 85% of the world’s population, middle- and low-income countries have only ~40% of the vote. Even if the entirety of the global South united against an IMF and World Bank policy, they wouldn’t be able to stop it. (3/4)
Traditionally, the World Bank Group president has always been an American citizen nominated by the United States, the largest shareholder in the World Bank Group. The IMF is always led by a European.

This convention is known as a ‘gentleman’s agreement’. (4/4)

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More from @ScientistRebel1

Oct 18
+++ BREAKING +++

60 scientists from 12 European countries are blocking the Federal Ministry of Digital Affairs and Transport in #Germany.

We demand an urgent decarbonisation of the German transport sector.

#UniteAgainstClimateFailure
Read 10 tweets
Oct 17
Debt is not compatible with climate action.

High-interest repayments on conditional loans from the World Bank, the IMF, and international lenders prevents Global South countries from pursuing a just transition & adapting to global heating. (1/4) #UniteAgainstClimateFailure
Debt suffocates Global South’s ability to take climate action.

Africa has 40% of the world’s potential for renewable energy but only 2% of its investment.

In 2020 alone, global South countries spent $372 billion servicing debt. (2/4)
Debt forces countries further into debt by climate disasters they did not cause.

Cyclones forced Mozambique to take on a $118 million IMF loan in 2019.

More than 2/3 of the climate finance delivered to the most impacted countries are loans, driving them deeper into debt. (3/4)
Read 4 tweets
Oct 17
Together with @DebtforClimate, we demand that the richest countries of the Global North begin to pay their climate debt.

The unconditional cancellation of all illegitimate global South debt is part of repairing hundreds of years of injustices. (1/5) #UniteAgainstClimateFailure
The G7 is disproportionately responsible for #ClimateBreakdown, amounting to a climate debt immeasurably greater than the financial debt ‘owed’ by low-emitting countries in the Global South. (2/5)
Those hit hardest by the climate impacts of water scarcity, food insecurity, drought, flooding, pollution, extreme storms, and displacement are in the Global South.

Last year the 10 worst climate disasters alone saw $170 billion in damages in the Global South (3/5)
Read 5 tweets
Oct 17
Right now, @DebtforClimate is occupying the Finance Ministry in Berlin.

We stand in solidarity with our coalition partner! ✊#UniteAgainstClimateFailure
If you want to get active but don't know where to start: #UniteAgainstClimateFailure is ready to share your voice – alongside members of the German public – with over 150 of the most trusted and influential climate experts and public figures in Germany.

unite-against-climate-failure.de/en
Our actions require a lot of time, effort and money, like legal fees. Please help donate to support our activists continue their important work!

opencollective.com/scientist-rebe…
Read 8 tweets
Oct 16
+++ BREAKING +++
Scientist Rebellion interrupts the opening of the World Health Summit (#WHS2022) in Berlin, Germany.

Over 50 scientists demand immediate national & international action to limit the escalating climate crisis.

#UniteAgainstClimateFailure
Read 8 tweets

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