Group of Seven industrialized countries will hold a summit in Hiroshima, Japan, on Friday. Oxfam took stock of the debt that rich countries would have incurred towards poor countries.
The Group of Seven countries have failed to fulfill their pledge to provide $100 billion annually until 2025 to help poor countries adapt to climate change. An additional $27.4 trillion is needed until 2030 to close funding gaps, Oxfam says. The report ironically comes at a time when the Group of seven countries and their wealthy bankers are demanding that southern countries pay $232 million a day to repay their debts until 2028.