Vatican Secretary of State: Fair solutions needed for countries bearing ecological and economic debt

Efforts are needed to find solutions that won't further undermine the development and adaptive capabilities of countries already facing heavy economic debt, Vatican Secretary of State Cardinal Pietro Parolin said at COP29 Leaders Summit in Baku.

According to Report, he said that ecological and economic debt are two interconnected issues that determine the future of many countries.

The Cardinal repeated Pope Francis's call for wealthy countries to acknowledge the burden of previous decisions and forgive the debts of countries that will never be able to repay them.

"This is more than a matter of generosity; it's a matter of justice. And today we're witnessing a new serious form of injustice. We increasingly recognize it, namely the existence of a real ecological debt, especially between the Global North and South. This is linked to commercial imbalances affecting the environment. In particular, it's the disproportionate use of natural resources by some countries over a long period," he said.

According to Parolin, it's important to develop a new people-oriented financial architecture that is bold, creative, and based on principles of justice, equality, and solidarity.

He said this financial architecture would help ensure low-carbon development for all countries through joint actions, especially the poorest and most vulnerable to climate disasters.

"We must promote initiatives aimed at inclusive development. And for this, we must take responsibility to guarantee not only our future but everyone's future. In this regard, I once again express the Holy See's commitment and support, especially in the area of comprehensive environmental education, raising awareness about the environment, as well as human and social issues at all levels," said the Vatican Secretary of State.