But a new report suggests this may not be the case for all low-income countries, with some pursuing fossil fuel projects largely to repay debt. Many oil and gas firms are pursuing operations in new oil regions in the hopes of developing low-carbon oil and gas projects in untapped regions of the world to help them keep pumping crude during a green transition. But this is not the case for all low-income countries developing their energy resources, according to a new analysis by anti-debt campaigners Debt Justice and partners. Debt Justice is now calling for creditors to cancel any debts linked to a reliance on fossil fuel projects. This toxic trap must end.”The report shows that debt from global south countries has risen by 150 percent since 2011, with 54 countries facing a debt crisis.

Source: The North Africa Journal August 23, 2023 15:31 UTC