One of the main flags of the president Gustavo Petro On the international stage, it has been his interest in fighting climate change, an issue that he has been promoting and that has sparked criticism for the different proposals that he has wanted to implement in this area.
Petro’s Climate Proposal
A proposal in particular is the exchange of debt for climate action, which seeks that countries exchange their debt for actions that contribute to the protection of the environment.
The president has publicized the proposal with different countries, right now he is doing it in Paris in the middle of the Summit for a New World Financial Pact.
“It would be a payment to borrowing funds for borrowed capital, pension funds, etc.; a payment that would increase the global liquidity of money, but that would be applied in productive investment by the countries, because these, by reducing debt and debt service, would have a budgetary space that would be dedicated to climate action ”, explained the president.
And Petro reiterated in his speech: “This implies an institutional change in the world financial system, because the IMF, world banks, etc., would have to lend (…) to holders of public debt bonds, to multilateral banks and to a reduction in these debt services in all the countries of the earth”.
