In his message declaring the Church’s Jubilee year 2025, Pope Francis called for global economic justice. He urged wealthy nations to cancel the debts of countries unable to repay them. This Bull of Indictment, Spes Non Confundit, rallies Catholics and world leaders to rethink our unsustainable and unequal global economy. The Pope reminds us that the Earth’s resources are meant for everyone, not just a privileged few.
His call echoes the longstanding argument that our financial systems need serious reform. Twenty-five years after the historic Jubilee 2000 debt campaign, where $130 billion of debt was forgiven for the world’s poorest countries, we face a new set of challenges: debt, climate change, and inequality.
The number of low-income countries facing unsustainable debt levels has more than doubled in the past decade–with 93 percent of the world’s most climate-vulnerable countries facing debt crisis. In many countries, debts are being paid at the expense of hiring doctors and teachers, building schools, hospitals, and sewage systems, preparing for floods, or coping with droughts. These countries are trapped in a vicious cycle of borrowing and defaulting, often compelled to accept extortionately high interest rates on loans from private creditors like BlackRock and HSBC, who profit enormously from this arrangement.
The Pope challenges this status quo, asserting that we must “forgive the debts of countries that will never be able to repay them.” This call for debt forgiveness isn’t about charity; it’s about rectifying injustices that have allowed a handful of countries and creditors to accumulate wealth at the expense of the majority’s well-being.
“ECOLOGICAL DEBT”
The Pope’s message underscores an essential truth. There’s an “ecological debt” that wealthier nations owe to the rest of the world, particularly those in the Global South who suffer disproportionately from environmental degradation and climate disasters. He argues that a true balance of justice requires those who have profited from pollution to pay their share for recovery and sustainable development.
The link between climate change and financial structures is undeniable. Developing countries face the brunt of climate impacts, yet they are often the least equipped financially to adapt to or mitigate its effects. Innovative climate finance–like reallocating Special Drawing Rights or introducing fair taxation on global corporations and polluters–can provide the necessary funds without further indebting these nations.
As Pope Francis acknowledges, ending unjust debt is only one part of the puzzle. The entire architecture of global finance remains skewed towards the interests of the powerful, often at the expense of those who have the least resources, are the most climate-vulnerable, and have had no hand in designing the rules. International financial institutions like the International Monetary Fund and World Bank wield enormous influence, yet their decision-making processes lack transparency and representation.
To democratize these institutions is to make them accountable to the people they impact the most. Pope Francis insists on a system where “people who are poor or impoverished” are treated as “our next-door neighbors”. We need policies not dictated by the wealthiest nations or the most influential investors but formed through equitable and inclusive dialogue.
A STABLE FUTURE
The Pope’s message offers a timely reminder that we have the power and the moral obligation to forge a fairer and more stable future. “The future depends on their enthusiasm,” he notes, speaking of the younger generation who will inherit the outcomes of our financial decisions.
Spes Non Confundit is a powerful summons to push for a world where financial relief and climate action go hand in hand and where economic policies bring us closer to justice rather than deepening disparities.
This is about creating a global economic system that serves people and the planet. Pope Francis draws on Catholic Social Teaching to highlight our collective obligation to future generations to leave behind a world not just richer in material wealth, but in justice and equity. We must rally behind these principles, not as idealistic dreams, but as actionable, urgent goals. Published in The Tablet
