Equal Right at the Summit of the Future
Paving the Way for Climate Justice through Equitable Redistribution of Wealth
Zainab Bie - Asia Pacific Regional Campaign Manager at Equal Right
At the recent Summit of the Future (SOTF) and its Action Days held at United Nations Headquarters in New York City, global leaders gathered to discuss how to transform international governance and develop solutions for some of the world’s most pressing issues, including climate justice and economic inequality. As emphasized in the remarks from Tuvalu’s Deputy Prime Minister, the link between climate vulnerability and financial inequity is undeniable: "We will either drown in debt or be drowned by the sea."
This message resonates deeply with the work of Equal Right, especially through our flagship Cap and Share policy paper, which provides a practical solution to the dual crises of climate change and wealth inequality by capping fossil fuel extraction, charging polluters and redistributing wealth to the Global South .
Zainab at the launch of the Summit at UN HQ in New York
At the Summit, we highlighted the importance of global economic reform to support equitable climate finance. As leaders discussed reforms to the Bretton Woods financial system and the need for debt relief - given that current systems often trap developing nations into a vicious cycle of debt, hindering their ability to combat climate change - we emphasized that Cap and Share offers a unique and effective mechanism for funding climate adaptation while reducing carbon emissions.
During the summit, our delegation of four attended key sessions including "Tapping into Innovative Financing Instruments to Accelerate Sustainable Development" and "Strategic Foresight in Climate and Sustainability" making sure that Cap and Share was integrated into the broader dialogue on reforming the international financial architecture for a just, sustainable future.
Our presence at the Summit was not only about observing but actively shaping the agenda. We highlighted the Cap and Share policy during discussions on innovative climate finance mechanisms, emphasizing how systemic change is necessary to fix the global financial architecture. The Summit provided us a platform to showcase how Cap and Share offers an integrated solution to carbon reduction and wealth redistribution, key to achieving the SDGs and climate targets.
Key Takeaways:
Reforming Global Climate Finance Mechanisms
The Pact for the Future emphasizes the need to reform global financial systems to effectively tackle the climate crisis. Current mechanisms, often reliant on fossil fuel subsidies, exacerbate inequality. During the Summit, we observed growing frustration from countries burdened by debt while trying to fund climate projects demonstrating the urgent need to reform the international financial architecture to tackle the climate crisis effectively.
We made the case for Cap and Share as a solution-oriented policy that directly addresses this gap by capping fossil fuel extraction and redistributing funds through a Global Commons Fund (GCF). This fund ensures non-debt-creating finance for climate adaptation in the Global South, holding fossil fuel companies accountable as per the polluters pay principle, and ensuring vulnerable nations receive financial support without falling into further debt.
2. Universal Basic Income as a Key to Climate Justice
The Pact also calls for eradicating poverty and ensuring climate finance reaches vulnerable communities. We highlighted Cap and Share as a policy that not only caps emissions but redistributes the proceeds via Universal Basic Income (UBI), ensuring that every individual, particularly in the Global South, receives direct compensation for environmental damages.
Countries like Samoa at the Summit stressed the existential threat climate change poses to Small Island Developing States (SIDS) and called for transformative solutions. Cap and Share’s UBI mechanism provides climate reparations at the individual level, embedding equitable compensation into global climate finance.
A plenary session at the Summit in full swing
3. Addressing Debt and Financing Challenges
Many countries expressed frustration with current financial systems that force developing nations to choose between addressing debt and climate change. Our discussions with representatives from Gabon and Spain highlighted the need for fair financial mechanisms.
We were involved in discussions on redistributing wealth from the carbon-intensive industries, where we proposed how the Global Commons fund can provide non-debt-based climate finance ensuring that climate adaptation and mitigation projects are funded without pushing nations deeper into debt, fostering a just and sustainable green transition.
Justice cannot be achieved through rhetoric alone—systemic change is required, and we require a tangible framework for ensuring that fossil fuel accountability and climate reparations are central to the global response. In our interactions with global leaders, civil society organizations, and climate advocates, we pushed for policy recommendations that prioritize fossil fuel accountability and climate reparations. Through continued advocacy, we strive to ensure that those most impacted by the climate crisis receive the support and reparations they deserve.