I took part in a Westminster Hall debate on debt cancellation for low-income countries. I pointed out the debilitating impact of these debts in the context of the climate emergency. Many indebted countries now find themselves on the frontline of a climate crisis which they did little to cause. Their efforts to fight climate change are undermined by the high levels of debt they owe, often to lenders in the very same countries that have contributed most to climate breakdown.

I spoke about my 2023 visit to Kenya, where I witnessed the impact of one of the worst droughts in living memory. Kenya is spending five times more on debt repayments than climate protection measures. With this figure typical of low-income countries as a whole, it’s clear that they are tackling climate breakdown with both hands tied behind their back with devastating consequences for human life and our environment.

I framed my remarks in the context of reparative justice. The UK’s role as a global financial centre is itself a legacy of our extractive imperial past. However, it now puts us in a unique position to rectify the unequal burdens of debt and climate breakdown by pushing banks, asset managers and hedge funds to participate in debt relief schemes – something they are reluctant to do. 90% of bonds owed by countries eligible for debt relief are issued in the UK. Pushing for debt cancellation is urgent because of the climate crisis and it is not a matter of charity but a matter of justice.