The Debt – Fossil Fuel Trap: Why debt is a barrier to fossil fuel phase-out and what we can do about it
Did you know that global south countries owe more than $1.5 trillion in external debt, and that a large portion of this debt is linked to fossil fuel projects? This is the debt-fossil fuel trap, a vicious cycle that forces many of these countries to exploit their fossil fuels in order to generate the revenues they need to pay back their debts, while worsening the climate crisis and undermining their own development prospects. This publication, produced by Debt Justice, the Initiative for Social and Economic Rights (ISER), and 33 other organizations, reveals why the debt-fossil fuel trap is a major obstacle to achieving a just and green transition, and what we can do to break it.