NEW: Wealthy nations owe Africa US$36 trillion in climate debt

Online Reporter

A new report by ActionAid has revealed that Africa is owed approximately $36 trillion in climate debt by the world’s largest polluters.

The report, titled “Who Owes Who? External Debts, Climate Debts and Reparations in the Jubilee Year”, highlights how wealthy nations have failed to meet their climate finance and reparations commitments.

“It is a grave injustice that African nations are burdened with crippling foreign debt while the world’s richest countries turn a blind eye to their responsibility for the climate crisis,” said Arthur Larok, secretary-general of ActionAid International.

According to ActionAid, to address the ongoing climate crisis, developed nations should direct at least US$1,4 trillion in climate finance annually to Africa.

Young urban women programme manager at ActionAid International, Chikumbutso Ngosi, condemned the unfair economic imbalance between wealthy nations and developing countries.

“African countries are forced to prioritise external debt repayments, while wealthier nations fail to honour their climate debt obligations,” she said.

“This affects funding for crucial services like health, education and climate action — especially harming women and girls.”

The report also criticises the global credit rating system, which imposes disproportionately high interest rates on African nations.

In 2024 alone, lower-income African nations spent US$60 billion on debt repayments, diverting funds from essential sectors such as healthcare, education and sustainable development.