In a letter to the spring meeting of the World Bank and the International Monetary Fund, Pope Francis called for the creation of new institutions of “global governance” to help advance the “integral human development of all peoples.”
He also said the “financial industry” should calculate the “ecological debt” of countries “so that developed countries can pay it.…”
We cannot “overlook another kind of debt: the ‘ecological debt’ that exists, especially between the global north and south,” said the Pope in his April 8 letter. “We are, in fact, in debt to nature itself, as well as the people and countries affected by human-induced ecological degradation and biodiversity loss.”
“In this regard, I believe that the financial industry, which is distinguished by its great creativity, will prove capable of developing agile mechanisms for calculating this ecological debt, so that developed countries can pay it, not only by significantly limiting their consumption of non-renewable energy or by assisting poorer countries to enact policies and programs of sustainable development, but also by covering the costs of the innovation required for that purpose,” he explained.
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