Neocolonial Debt Traps Are Forcing Poorer Countries to Rely on Fossil Fuels

[diva77]

4. The solutions being offered are a little more involved than that alone

from the document link in OP (sorry about the formatting) --

2. Debts accrued from fossil fuel projects
should be recognised as illegitimate and
cancelled so countries are not forced to
make repayments for activities that have
caused harm to citizens or locked countries
in climate harmful activities.

3. Significantly scale up grant-based, new
and additional public climate finance,
as a form of reparations in light of the
climate and ecological debt owed by the
global north to the global south. This will
allow global south countries to implement
adaptation and mitigation measures,
including decommissioning fossil fuel
projects, and to address Loss and Damage
without having to go into more debt.
4. Bilateral and multilateral finance should
be aligned with a 1.5 degree warming
scenario and fair shares calculations,
and not be used to finance fossil fuels.
Multilateral and international financial
institutions should set deadlines for
shifting finance out of fossil fuels and
into sustainable, climate measures for
adaptation, mitigation and to address
Loss and Damage.

A starting point would be for multilateral
and financial institutions to join the
Glasgow Statement, a joint commitment
launched at COP26 in 2021 to end new
direct international public finance for
fossil fuels by the end of 2022 and instead
prioritise public finance for clean energy.191