WCC News: Faith leaders urge G20 to tackle global debt crisis with urgent reforms

The World Council of Churches (WCC) has joined global faith leaders in signing a joint letter calling on G20 finance ministers to take decisive action on the escalating global debt crisis. Released ahead of the G20 Finance Ministers' Meeting, the letter—co-signed by WCC general secretary Rev. Prof. Dr Jerry Pillay—warns of the devastating consequences of unsustainable debt on vulnerable populations. Nearly half the world’s population lives in countries where debt payments exceed spending on health, education, and climate resilience. 6 November 2021, Glasgow, Scotland, United Kingdom: A climate activist carries a sign reading 'There is no climate justice without debt justice' as tens of thousands of people - including environmental groups, children, youth, charities, climate activists, trade unionists and indigenous people - march through Glasgow city centre on Saturday, calling for climate justice and for world leaders to address the climate emergency. In the background, police block of a part off the road, temporarily halting the march, while they remove a group of climate activists from the scene because of tumult. Glasgow hosts the United Nations climate change conference COP26, where world leaders gather to negotiate a response to the ongoing climate crisis and emergency. Photo: Albin Hillert/Life on Earth Pictures 27 February 2025 “In this Jubilee year 2025, a year of both material and spiritual liberation, Pope Francis has encouraged us all to be ‘Pilgrims of Hope’ and in doing so address one of the most urgent issues which face us, that of the acute global debt crisis,” the letter states. “As faith leaders, we are deeply troubled at the impact this current debt crisis is having on the lives of the poorest and most vulnerable across the world.” The letter calls on G20 finance ministers to establish a fair and effective debt cancellation framework that reduces unsustainable payments, pass legislation ensuring private lenders contribute to debt relief and suspend payments during negotiations, implement reforms of International Financial Institutions to prioritize human and environmental rights in debt sustainability assessments, and support the creation of a UN Debt Convention to establish fair rules for resolving debt crises, responsible lending, and a global public debt registry. The WCC’s engagement in this initiative aligns with its longstanding commitment to economic justice and sustainability, particularly through its Turn Debt into Hope campaign. Athena Peralta, director of the WCC Commission on Climate Justice and Sustainable Development, underscored the urgency of debt justice: “Debt justice is climate justice. As faith communities, we stand in solidarity with indebted nations struggling to protect their people and planet. The WCC’s Turn Debt into Hope campaign urges world leaders to act now—cancelling unjust debt is a step toward a just and sustainable future.” The WCC, alongside global faith networks, calls on governments, financial institutions, and civil society to support debt cancellation efforts through advocacy and policy reforms. Addressing the debt crisis is not just an economic necessity but a moral imperative to uphold dignity, equity, and the wellbeing of future generations. Read the letter here Learn more about the Turn Debt into Hope campaign. WCC work on Sustainability and Economy of Life See more

The World Council of Churches promotes Christian unity in faith, witness and service for a just and peaceful world. An ecumenical fellowship of churches founded in 1948, today the WCC brings together 352 Protestant, Orthodox, Anglican and other churches representing more than 580 million Christians in over 120 countries, and works cooperatively with the Roman Catholic Church. The WCC general secretary is Rev. Prof. Dr Jerry Pillay from the Uniting Presbyterian Church in Southern Africa. Media contact: +41 79 507 6363; www.oikoumene.org/press Our visiting address is: World Council of Churches Chemin du Pommier 42 Kyoto Building Le Grand-Saconnex CH-1218 Switzerland