Such countries may find it "impossible" to phase out fossil fuels and transition to renewable energy sources, unless the "debt-fossil fuel trap" is resolved, according to a report published by 35 groups including ActionAid International and Friends of the Earth International.
The report highlighted Argentina's commitment to fracking in Northern Patagonia, backed by the International Monetary Fund (IMF), as it seeks to ease its debt crisis.
"High debt levels are a major barrier to phasing out fossil fuels for many global south countries," said Tess Woolfenden from Debt Justice.
"Many countries are trapped exploiting fossil fuels to generate revenue to repay debt.
"Global north countries must urgently cancel debts for global south countries to prevent further climate turmoil," she urged.
Mae Buenaventura, from the Asian People's Movement on Debt and Development, said that the root of the problem was "the global north's relentless extraction of human, economic and environmental resources to feed the drive for profit and greed".
"Surely, debt cancellation -- especially of fossil fuel debts -- is the least that rich countries and lenders can do to repay the global south, to make reparations and bring about restitution as a matter of justice," she added.
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