Global Experts Call for Trillions in Public Funds to Tackle Climate and Inequality Crises

Over 140 economists and policy experts have called on rich countries to combat climate change and inequality by redirecting trillions of dollars in public money. The experts urged wealthy governments to stop subsidizing fossil fuel companies, cancel the external debts of Global South countries, and tax extreme wealth. The letter comes just days before the start of the Summit for a New Global Financing Pact, which aims to build a more inclusive international financial system to fight inequalities and finance the climate transition. The scholars and activists argued that wealthy governments need to pay their fair share toward lifesaving climate action and poverty reduction.