Vatican diplomat encourages wealthy nations to forgive financial debts, address ‘ecological debt’
March 13, 2025
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CWN Editor's Note: During a UN dialogue on indebtedness, a leading Vatican diplomat encouraged wealthy nations to “cancel or substantially reduce” the debts owed by poorer nations during the jubilee year.
Archbishop Ettore Balestrero, apostolic nuncio and Permanent Observer to the United Nations and other international organizations in Geneva, Switzerland, said that the Holy See “expresses its concern that global public debt reached $97 trillion in 2023, placing a significant burden on highly indebted countries.”
“It is also alarming that developing countries spent 13 times more on external debt repayments than on combating climate change,” the prelate added. “While developing countries grapple with unsustainable levels of financial debt, the international community should recognize another form of debt: ecological debt, which refers to the responsibility of those countries that contributed disproportionately to climate change.”
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