Thread by @DebtforClimate

1/14 70th anniversary of #Germany's #DebtCancellation after #WWII! This laid the foundation for 🇩🇪’s economic "miracle". Here’s why a debt cancellation for the Global South is a necessary precondition to enable a #JustTransition & #ClimateJustice!
#DebtForClimate
🧵👇

2/14 History taught us how intelligent debt policy works. February 27, 2023, marks the 70th anniversary of the cancellation of 🇩🇪’s debt. This contributed decisively to the reconstruction of a heavily war-torn country. erlassjahr.de/themen/londone… #DebtForClimate #LondonAgreement1953

3/14 Through the #LondonAgreement1953, signed on February 27, 1953, during the the age of bloc confrontation, the young 🇩🇪 nation was closely tied to the Western defense alliance. #DebtForClimate #CancelTheDebt
👇🧵

4/14 So the cancellation of 🇩🇪’s debt by the Allies was not done out of charity, but for clear strategic self-interest. #DebtForClimate #LondonAgreement1953
tagesspiegel.de/politik/als-de…
🧵👇

5/14 The anniversary shows that debt cancellation is possible and can contribute to solving global problems. At present, we are headed full-speed toward climate catastrophe that will radically change our societies. #ClimateJustice #DebtForClimate
🧵👇

6/14 It is often claimed that 🇩🇪 cannot save the world on its own. However, 🇩🇪 can make decisive contributions to actively and positively shape the necessary changes as the 4th largest donor in the #IMF
imf.org/en/About/execu…
#DebtForClimate
🧵👇

7/14 What does it have to do with the #climatecrisis?
The debt of the Global South is forcing countries like #Argentina or #Mozambique to exploit new oil and gas fields despite the climate crisis already escalating!
#DebtForClimate 🧵👇

8/14 #Mozambique is one of the most indebted countries in Africa. "Without the export of #gas, which is highly questionable in terms of climate policy, Mozambique would be virtually bankrupt right now."
erlassjahr.de/laenderinfos/m… 🧵👇

9/14 Instead of promoting the transition to renewable energy, countries like Germany and Italy are pushing for the expansion #FossilFuel infrastructure in #Africa #DebtForClimate #DontGasAfrica
zeit.de/wirtschaft/202…
🧵👇

10/14 #Argentina is drowning in debt. It is grasping at any straw to reduce the burden of its debt. The deals it is getting from the #IMF are neither sustainable for the economy nor for the environment. #DeudaXClima
taz.de/Argentiniens-D… 🧵👇

11/14 A particular toxic project in Argentina is the #VacaMuerta oil field where fracking is the main method of extraction. #DeudaXClima #DebtForClimate 🧵👇
theguardian.com/environment/20…

12/14 A steadfast change is MUST! A broad alliance of climate justice groups in solidarity with #DebtForClimate is calling on the head of the @bundesbank (German Federal Bank), Joachim Nagel, to take action!
koalakollektiv.de/offener-brief-…
#DebtForClimate 🧵👇

13/14 As Germany's representative in the International Monetary Fund (IMF), Mr. Nagel has the power to advocate for the cancellation of the debt of the Global South. #DebtForClimate #DeudaXClima #LondonAgreement1953 🧵👇

14/14 This is a long overdue step that will not only have a positive impact on the countries most affected by the climate crisis but also would enable a #JustTransition and #ClimateJustice.
#DebtForClimate #LondonAgreement1953 #JustTransition #DeudaXClima