Michael DiRisio
Debt isn’t new. As a relational bond, it began with trade, or barter, the idea of an exchange, something owed within something shared. Rather than an immediate trade, debt drags time, the knowledge of what’s to be owed later, and not forgotten.
Over time, debt—which is not always financial—came to imply either a possession or lack of power, instead of a promise to be kept. What’s mine is yours, for a cost.
What’s the status of that promise now? Instead of perpetuating exploitative bonds, can debt be reframed as a way of being responsible to each other and the world, especially in times of climate and other crises?
If climate change will be felt in parts of the world least responsible for the crisis and least able to respond to its worst effects—including loss of life—how do we urgently rethink social relations within and outside of debt, capital, and aid?
Debt, as a method of control, arises from the twin machineries of colonialism and capitalism: when nature was first given a price on a global scale, it was gouged for resources and fossil fuels.11Colonies were stripped of raw materials and their entire economies run to aid the development of colonizer nations. For a brief history of global debt, and how that sometimes conflates with raw materials, see Jubilee Debt Campaign, “History of Debt,” https://jubileedebt.org.uk/history-of-debt. Regimes of land theft and dispossession, slavery, trade, colonization, and nation-building viciously demonstrated that something doesn’t come from nothing; wealth accumulated onto itself and made debtors out of those it took from.
When the world was costed out, the Global North came out on top—those who were best able to prey on other nations, polluting freely over the last century to develop infrastructure and build industrial, economic prosperity.22Rikard Warlenius et al., “Reversing the Arrow of Arrears: The Concept of “Ecological Debt” and Its Value for Environmental Justice,” Global Environmental Change 30 (2015): 2. The predation continues through bad-faith lending programs—policies by the World Bank and IMF that loan money to indebted nations at the cost of deep cuts to social programs and removal of basic food subsidy controls. The idea of debt also links to a history of wrongful indebtedness inextricably bound up in racism, structural or otherwise33See Brentin Mock, “Before Repairing the Climate, We’ll Have to Repair the Impacts of Racism,” Grist, 23 May 2014, https://grist.org/climate-energy/before-repairing-the-climate-well-have-to-repair-the-impacts-of-racism.—when Fred Moten and Stefano Harney talk about debt, they speak about marginalized people that are always in debt, bad debt, the kind that can never be paid off and was never meant to be.44Fred Moten and Stefano Harney, “Debt and Study,” e-flux 14 (March 2010), https://www.e-flux.com/journal/14/61305/debt-and-study.
As early as 2001, the Intergovernmental Panel on Climate Change (IPCC) recognized that countries contributing an estimated third of greenhouse gasses to global warming will suffer seventy-five to eighty percent of its effects, especially small island states in vulnerable locations.55Hurricanes Irma and Maria in 2017, for instance, caused over $6.9 billion dollars (USD) in damage to the seven most affected Caribbean countries, who face the additional burden of being some of the most indebted nations in the world (with a combined debt of over $52 billion dollars as of 2018). See CEPAL News, “Small Island Developing States Will Not Achieve the 2030 Agenda,” 13 November 2018, https://www.cepal.org/en/news/small-island-developing-states-will-not-achieve-2030-agenda-if-they-not-obtain-financing-and. Restorative justice attempts led by affected countries have brought the idea of climate reparations to the fore, highlighting climate debt.66Maxine Burkett, “Climate Reparations,” Melbourne Journal of International Law 10 (2009): 513. At the 1991 UN climate conference, a group of small islands proposed, for the first time, financial support for disproportionate climate devastation. Articles by Naomi Klein and Maxine Burkett in 2009 hastened the talk of climate reparations, and that same year 254 organizations signed the declaration “Repay the Climate Debt” as a call-to-action directed at the Copenhagen UN climate conference.
The notion of climate reparations illustrates that wealthy countries and former colonizers are actually the ones in debt—far more than could be quantified in monied terms—for over 500 years of resource exploitation and extraction from other countries (resulting in air and water pollution),77Nicola Bullard, “Climate Debt: A Subversive Political Strategy,” El Transnational Institute, 21 April 2010, https://www.tni.org/es/node/10897. labour exploitation, and emissions displacement, essentially off-shoring the production of their energy-intensive products.88J. Timmons Roberts and Bradley C. Parks, “Ecologically Unequal Exchange, Ecological Debt, and Climate Justice,” International Journal of Comparative Sociology 50, no. 3–4 (2009): 392. Financial compensation and support are necessary as concrete actions, but these cannot be our only mechanisms. We need to forge new relations and systems of exchange between the exploited and exploiter. In providing support, a new system must also move beyond the dangers of a “charity” mindset that reproduces existing, paternalistic power relations and avoids addressing historical and systemic oppression. An ethical-relational change is absolutely vital: one that prioritizes the self-determination of the formerly indebted.
Consulting firm Moody’s Analytics, in a recent economic impact assessment, finds that there are “winners and losers” in climate crisis. Moody’s describes how Canada, along with a handful of wealthier countries, stands to gain a slight net positive in economic growth by factoring in crop yields, a longer growing season, and “tourism demand”99Pete Evans, “Canada’s Economy Would Be Less Hurt by Climate Change than Other Countries, Moody’s Says,” CBC News, 4 July 2019, https://www.cbc.ca/news/business/climate-change-moody-s-1.5199652. (all seeming euphemisms for food availability, and the necessity of migration due to catastrophe). This is the wrong way to frame climate crisis, as if there are impermeable borders around nations and there are winners in an interconnected system during the unpredictability of life at the end.
To adjust the thinking of debt and reparations—to repair—requires conceptual and emotional shifts around finance, progress, and the deep wounds of historical (and contemporary) colonialism. Flipping the usual script, a notable example appeared in 2007, when then-Ecuadorian President Rafael Correa attempted to raise $3.6 billion from the world to prevent drilling into the crude oil beneath the biodiverse rainforest of Yasuní National Park.1010Lisa Friedman, “Ecuador Asks World to Pay to Keep Yasuní Oil Underground,” Scientific American, 1 May 2012, https://www.scientificamerican.com/article/ecuador-asks-world-to-pay-to-keep-yasuni-oil-underground. The funds were to aid the country’s lost revenue from the crude oil, valued at about $7 billion, and prevent the potential release of 410 million metric tons of CO2 into the atmosphere. (Unfortunately, the plan drew scepticism from wealthier, oil-dependent nations, but the move was precedent-setting.)
If debt is a promise, the financialization of that promise doesn’t replace meaningful human connection or care, but does mark how deeply co-dependent all systems of life and non-life are in a world that has been thoroughly shaped by the idea of capital.1111Orit Halpern, “Hopeful Resilience,” e-flux, 2017, https://www.e-flux.com/architecture/accumulation/96421/hopeful-resilience. As Saima Desai, editor of Briarpatch, says succinctly in their most recent issue, “capitalism pours gasoline on the flames of the climate crisis.”1212Saima Desai, “Politics for the Present and for the Future,” Briarpatch 48, no. 4 (July/August 2019): 2. https://briarpatchmagazine.com/articles/view/politics-for-the-present-and-for-the-future. The rethinking of debt, then—who owes whom, and for what—represents a rethinking of ethical relations that is crucial to approaching the environmental crisis. To Burkett, reparations are an agreement between “victims and perpetrators […] that their futures are best served through collaboration.”1313Burkett, “Climate Reparations,” 526.
Though the case for climate reparations reverses the assumed poles of debtor and creditor, this crisis is not a zero-sum game. Structural policies enacted to address climate change must cease to prioritize overall capital gain or think that a purely economic framework is enough to redress deep historical and current injustices. The timeline of possibility for making and keeping new kinds of promises and relations—ones based not on destruction and competition but mutual accountability and survival—increasingly shrinks into a singularity that means right now. When structures of debt dissipate, the freed remnants will draw new matter to bond us.
See Connections ⤴