Debt-Fossil Fuel Trap: An analysis of Emerging Global Environmental Challenge

Dr. Alok Verma

doi:10.36948/ijfmr.2024.v06i06.28503

Debt-Fossil Fuel Trap: An analysis of Emerging Global Environmental Challenge

Author(s)	Dr. Alok Verma
Country	India
Abstract	Recently in November 2021, Our beloved Prime minister addressing at UN Climate Conference, Glasgow in his speech, showed his concerns about a very serious Emerging Global Environmental Challenge and loudly appealed to the Developed Nations to provide a CLIMATE FINANCE of 1 trillion dollars to The Global South (a term used for developing, less developing and underdeveloped countries, located in Africa, Latin America, and Asia — countries). His statement was considered as the representation of entire GLOBAL SOUTH. Why was the Prime minister of India appealing to the Developed countries for such a huge monetary help and what was the reason? Basically, now a days Various Rich and Developed countries are forcing the poor, under developed or developed countries (The Global South) to continue to rely on fossil fuels for generating revenue to return the loans taken from richer countries and private lenders to meet various economic exigencies like the pandemic three years ago. The Global South are increasingly being burdened by enormous debts in recent years. According to a report their “external debt payments (money borrowed from richer countries, or multilateral creditors like the World Bank and IMF, or private lenders such as banks) has gone up by 150% between 2011 and 2023, reaching their highest levels in 25 years”. These rich countries are continuously trying to trap these trodden countries either by capturing the mines of the GLOBAL SOUTH Countries or forcing them to rely on fossil fuels for generating revenue to return the loans taken from richer countries. A British organisation “Debt Justice” recently in its report discussed about emerging traumatically originated concept of “debt fossil-fuel Trap”. It is such a dangerous trap which could be proved an impossible task to the poor countries. How this trap will affect the Climate and would be a threat to environment is serious concern. The analysis would be on how indebt countries find out it difficult even impossible to phase-out from this trap of mining fossil-fuel and transition to renewable energy a revenue from fossil fuel. Author has tried to analyse this dangerous step taken by few rich and developed countries in this book in a chapter form.
Keywords	Fossil Fuel, Debt, The Global South, Environmental Challenges
Published In	Volume 6, Issue 6, November-December 2024
Published On	2024-11-25
Cite This	Debt-Fossil Fuel Trap: An analysis of Emerging Global Environmental Challenge - Dr. Alok Verma - IJFMR Volume 6, Issue 6, November-December 2024. DOI 10.36948/ijfmr.2024.v06i06.28503
DOI	https://doi.org/10.36948/ijfmr.2024.v06i06.28503
Short DOI	https://doi.org/g8r8k9

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Debt-Fossil Fuel Trap: An analysis of Emerging Global Environmental Challenge

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