Italian Cardinal Pietro Parolin, Vatican Secretary of State, emphasized the need to establish a new financial architecture that enables poorer countries to confront the environmental crisis. At the COP29 Climate Summit in Baku, Parolin underscored that forgiving the debts of these nations is a matter of justice to empower them to combat the ecological crisis.
During his participation in the summit, Parolin reiterated a call from Pope Francis urging wealthier nations to cancel past debts as a recognition of the gravity of previous actions. The cardinal emphasized the existence of significant ecological debt, particularly between the Global South and North, which is closely related to trade imbalances.
Parolin intervened on the third day of COP29, where world leaders have focused on ensuring adequate funding to address the climate crisis. In this context, the Vatican Secretary of State highlighted the importance of making just decisions that favor the most vulnerable countries in the fight against the environmental crisis.
