Wind turbines near Palm Springs, California, the US. Picture: REUTERS/MIKE BLAKEoe Biden is making a strong push for climate justice at home. It’s less clear how much of that commitment he’ll take to the international stage.
Biden committed to delivering environmental justice in the US and overseas in a January executive order. His jobs-and-infrastructure blueprint includes grants and activities to help communities disproportionately burdened by pollution. The US has also reached out to other countries to address making corporate taxes more fair.
Ending support for fossil-fuel projects via export credit agencies would also be a powerful move, adding to UK and EU commitments and increasing pressure on the few other major financers Those funds are more crucial than ever as many poorer nations contend with coronavirus-induced economic shocks. Grenada, the tourism-reliant Caribbean state, said in its November climate pledge that it will require “grants and other concessional finance” to implement the policies.
The outlook is bleak for the dozens of countries that have fallen into debt distress since Covid-19. G20 finance ministers said on Wednesday that a programme to provide some relief on debt repayments would end this year, despite developing countries asking for an extension into 2022. Both were among a handful of countries that opposed the adoption of sovereign debt restructuring principles in 2015. Covid-19 is a perfect demonstration of why such a system is necessary — an unforeseen disaster that wiped out many nations’ abilities to make payments without eating into their social protection and healthcare budgets.
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