Civil Society call to “Cancel the Debt, Change the System, and Stand with Billions, Not Billionaires”

Ten national coalitions from GCAP Latin America and the Caribbean (GCAP LAC), in partnership with Latindadd, launched the Economic Justice Mobilisation Campaign on 30 May 2025, uniting around 65 representatives from civil society organisations, Indigenous communities, youth, rural women, and social movements. Together, they issued a bold call to action: “Cancel the Debt, Change the System, and Stand with Billions, Not Billionaires.”

The mobilisation began with a video introducing the campaign’s powerful visual identity and key messages.

📽️ Watch the campaign video:

A Call for Global Financial Reform

Rodolfo Bejarano, Senior Analyst at Latindadd, opened the session by highlighting the urgency of the moment. With 2025 marked as a Jubilee Year, he called for the cancellation of unjust debts and transformative reforms in the global financial architecture, especially as global processes like FfD4, COP30, G20 and the World Social Summit converge.

Esteban Pérez, Chief of the Financing for Development Unit from ECLAC pointed out that Latin America must invest 3.7–4.9% of its GDP annually until 2030 to fulfil its climate obligations. Yet, growing debt—now at 51.2% of regional GDP—coupled with limited access to concessional financing, severely restricts fiscal space and public investment.

📽️ Watch the launch event here:

Patricia Miranda, Director of Global Advocacy at Latindadd, advocated for a UN Framework Convention on Sovereign Debt, which would enable just, inclusive, and transparent processes for debt renegotiation and crisis prevention.

Social and Ecological Debt in Focus

Speakers emphasized the interconnected crises of poverty, inequality, and environmental degradation.

• Eva Martinez of CDES said debt limits fiscal sovereignty and hampers sustainable development.
• Alejandra Zelaya from FOSDEH highlighted that high debt levels have pushed over 172 million people into poverty in LAC, creating both financial and social debts. She called for audits, transparency, and progressive taxation to reclaim resources.

Reclaiming Fiscal and Climate Justice

Adrián Falco, Coordinator of the Fiscal Justice area at Latindadd stressed the need to combat tax evasion, unjust tax expenditures, and weak revenue collection, which have robbed the region of funds for quality public services.

Nelsy Lizarazo of CLADE warned that privatisation of education and health services threatens rights, urging the restoration of public goods as core to state responsibility.

Carola Mejía, Climate Justice Coordinator at Latindadd, noted that only 17% of global climate finance reaches Latin America—mostly in loan form, further deepening debt. She called for grant-based, inclusive, and community-led climate finance.

Carlos Lozano from the Amazon Center for Buen Vivir demanded that any new financial system recognise the ecological and historical debt owed to Indigenous peoples, who continue to protect ecosystems while bearing the brunt of extractivism and exclusion.

Gender and Economic Justice: Two Sides of the Same Coin

Carlos de León from CIPAF and GCAP LAC drew attention to gender-based economic inequality, citing the wage gap, unpaid care work, and lack of essential services in climate-affected areas as major justice concerns.

Time to Rewrite the Rules

Georgina Muñoz, Co-Chair of GCAP, closed the event with the formal launch of the Campaign Sign-On Statement, urging for global debt cancellation, a transparent and binding financial system, and a redefinition of economies based on dignity, rights, and life.

“There can be no ecological transition without economic justice,” echoed across the room—a powerful reminder that without addressing unjust financial structures, sustainability and equality remain out of reach.

Key Stats and Facts

• 51.2%: Average public debt-to-GDP ratio in Latin America
• 3.7–4.9% of GDP/year: Required investment to meet climate targets by 2030
• 172 million+: People affected by debt-induced poverty in the region
• 17%: Share of global climate finance received by Latin America (mostly as loans)

–