Ahead of the G20 Summit in New Delhi, India, taking place from 9-10 September under the theme “One Earth, One Family, One Future,” a group of global Christian organizations has written a letter to G20 leaders calling for them to adopt a New International Financial and Economic Architecture (NIFEA).
The letter, signed by the Council for World Mission, World Council of Churches, World Communion of Reformed Churches, Lutheran World Federation, and World Methodist Council, argues that the current economic system is based on profit, which has led to increasing inequality, ecological crisis, and democratic backsliding.
“Today we live in a world where economics has taken precedence over all other aspects of life,” the letter says. “This thinking has elevated and disconnected prevailing economic systems from social and ecological life.”
The letter calls for a New International Financial and Economic Architecture (NIFEA) that fosters just, peace-loving and flourishing societies. It proposes to take decisive steps towards systemic change, including:
- A UN Framework Convention on International Tax Cooperation to curb illicit financial flows and tax evasion by multinational corporations and super wealthy individuals.
- Progressive wealth taxes to tackle destabilising levels of inequality.
- Progressive carbon and pollution taxes to curb carbon and biosphere overconsumption.
- Debt cancellation for developing countries.
- Guarantee of fundamental labour rights.
The letter concludes with a prayer for G20 leaders to prioritize vulnerable communities and the planet in their deliberations, with the hope that the outcomes of the G20 Leaders’ Summit will contribute to the restoration of the Earth, the well-being of humanity, and the safeguarding of future generations.