…Ecology as Economy and Nature as Investment Capital “What’s important about the discourse that is so powerful, coming from the Global South right now, about climate debt, is that we know that economic debt is a tool of domination and enforcement.
It is how our governments impose their neoliberal capitalist policies around the world, so for the Global South to come to the table and say, ‘Wait a minute, we are the creditors and you are the debtors, you owe us a huge debt’ creates an equalizing dynamic in the negotiations.”
Let’s look at this contemporary notion of debt, highlighted by Naomi Klein as the principal avenue of struggle for the emerging climate justice movement. A decade ago, the issue of debt incurred through loans taken out from the IMF and World Bank was an integral part of the antiglobalization
movement’s analysis and demand to “Drop the Debt.” Now, some of that era’s more prominent organizers and thinkers are presenting something deemed analogous and termed ‘climate debt’. The claim is simple: most of the greenhouse gases have historically been produced by wealthier industrial nations and since those in the Global South will feel most of its devastating environmental effects, those countries that created the problem owe the latter some amount of monetary reparations.
Contributed by
Juan Pablo Macías