China’s Sinopec asks 200 more acres for Sri Lanka refinery

Wednesday January 22 Economy Next

ECONOMYNEXT –

China’s Sinopec has asked for 200 acres more land for its planned 3.7 billion dollar refinery expected to be built in Hambantota, Foreign Minister Vijitha Herath said.

Sri Lanka had originally offered 500 acres of land for the project, he said.

Sri Lanka had inked an agreement in Beijing during President Anura Kumara Dissanayake’s visit aiming to resolve remaining issues within a month.

The refinery had tax and water issues to be solved.

Sri Lanka originally offered land for a 100,000 barrels per day refinery when expressions of interest were called.

Sinopec got the deal after Vitol Asia, the other shortlisted party, pulled out.

However, Sinopec wanted to double the capacity, then Energy Minister Kanchana Wijesekera said.

The refinery expected to sell 10 percent of its output domestically but there was no obligation by the government to buy, he said.

Sri Lanka has agreed to clear remaining issues with the refinery project within one month, when President Anura Kumara Dissanayake visited China recently, Minister Herath told reporters Wednesday⍐

 

FILE - Sri Lankan port workers hold a Chinese national flag to welcome Chinese research ship Yuan Wang 5, bristling with surveillance equipment, as it arrives in Hambantota International Port in Hambantota, Sri Lanka, on Aug. 16, 2022.

Govt looks to India in Trincomalee, turns to China in Hambantota in oil refinery push

 KELUM BANDARA   23 January 2025  Daily Mirror

Colombo, January 23 (Daily Mirror) - Hot on the heels of signing an agreement with China’s Sinopec for an oil refinery in Hambantota, the government is planning to establish a similar facility in Trincomalee with the help of India if willing, a Minister said yesterday.

During the visit of President Anura Kumara Dissanayake to China recently, the agreement was signed for an investment of US $ 3.7 billion with Sinopec which is a leading petroleum and petrochemical company in the world.

Delivering remarks to the press, Foreign Affairs Minister Vijitha Herath said yesterday that it would be an oil refinery project primarily meant for the export market, and a landmass of 500 acres adjacent to the Hambantota port would be earmarked for it.

Referring to the proposed multi- product petroleum pipeline between Sri Lanka and India, the Minister said the two sides had agreed to discuss such a project. However, he said the government is planning for an oil refinery in Trincomalee in eastern Sri Lanka, and will do it with India if it is ready for such cooperation. The United Arab Emirates (UAE) is also expected to play a role in this project, according to the joint statement.

Already, in the joint statement signed between India and Sri Lanka after the President’s last month visit to New Delhi, the development of Trincomalee Tank Farms as a regional energy and industrial hub has been envisaged.

The government has already decided to develop the Trincomalee oil tank farm through Trinco Petroleum Terminal Ltd which is a joint venture between Lanka Indian Oil Company and Ceylon Petroleum Corporation (CPC).

Out of 99 tanks in Trincomalee, 14 are run by LIOC. According to the agreement signed during the time of Mr. Udaya Gammanpila as the Subject Minister of the Gotabaya Rajapaksa government, the CPC is required to develop 35 tanks and the remaining 50 tanks jointly by the CPC and LIOC through this venture.

Energy Minister Kumara Jayakodi recently promised to press ahead with this project. 

“SJB and UNP should agree on an electoral pact”: Digambaram

• India should not be alienated as they are our closest neighbours and they have been helpful to us
• We called for an electricity tariff reduction in Parliament
• The NPP came out with all these propositions while being in opposition to the estate workers, now they are silent 
• One has to ask whether the construction of the new refinery will help decrease fuel prices for Sri Lankans
• There is corruption in state institutions from the top to the bottom. 

Tamil Progressive Alliance (TPA) MP Palani Digambaram, spoke to Daily Mirror regarding the current political developments and stressed that both Samagi Jana Balawegaya (SJB) and United National Party (UNP) should get into an electoral pact. He also stressed that a balanced foreign policy without favouring one country over the other is crucial. 

Following are excerpts from the interview: 

Q Much is talked about the President’s recent visit to China and the agreements signed by both countries. What are your views in this regard? 

To put it in plain words, a nation’s foreign policy should be balanced. You cannot be more favourable towards one nation. For example:- if the Sri Lankan government favours China more than other nations, a host of other countries could be sidelined. In our case, India, the USA, Japan, and Korea might be alienated. 

India should not be alienated as they are our closest neighbours and they have been helpful to us, in fact, it was India that came to our rescue when we were bankrupt. The Government should remember this fact. 

Q Sri Lanka has signed an agreement with a Chinese company to set up an oil refinery in Hambantota, What are your comments on this? 

One has to wonder, how Sri Lanka could benefit from the proposed oil refinery that will be constructed in Hambantota, Will that help in decreasing fuel prices within Sri Lanka? One has to look into the facts.

Q What do you think of the government’s performance during its first 100 days? 

The NPP government promised a lot. They promised to bring the wrongdoers to book. They vowed to uncover the mastermind behind the Easter Sunday attacks, who was behind Thajudeen’s killing and also the perpetrators behind the murder of Journalist Lasantha Wickrematunge. People expect these answers from the government. Since the people’s mindsets have changed, They are prepared to give only a single chance to any government unlike in the past. The NPP government may not get another chance. 

Q Is the rice issue still to be settled in your opinion? 

Yes, the NPP pledged not to import rice while in the opposition. However, they did import rice after coming into power. 

Q What do you think of the Clean Sri Lanka programme? 

It is a good programme. It is good to clean up garbage and keep the cities clean. However, one should remember that state institutions should be cleaned too. There is corruption in state institutions from the top to the bottom. 

Q Your party has been lobbying for an increase in salaries for Estate Workers. What do you expect from this government? 

This government said the daily wage for estate workers should be increased up to Rs. 2000. They said estate sector workers should be granted land. They came out with all these propositions while being in opposition. However, now the NPP is silent about it. 

Q The government has said it will implement a pay hike in this year’s budget. What do you have to say about that?

We are waiting to see what the government will propose in the budget. 

Q The Government has decided to reduce electricity tariffs. Any comments on this? 

That is something which the opposition has won for the people. We called for a tariff reduction in Parliament. 

Q There is talk of SJB and UNP political marriage. You have anything to say to this?

Both Samagi Jana Balawegaya (SJB) and the United National Party (UNP) should get into an electoral pact.  We have been lobbying for it for some time. If SJBers are asked to accept the elephant symbol and if UNPers are asked to accept the telephone symbol will not serve any purpose. The NPP would not have won the Presidential election if UNP and SJB fielded a common candidate⍐.  

The journey of Victor Ivan….From making bombs till the pen nib exploded!

 

Journalist Victor Ivan is perhaps one of the greatest examples of a person braving all odds and a partial disability to achieve lofty goals and most importantly leave an indelible mark in his chosen profession, the field of media. There were other faces to his personality; he was an activist, political analyst and an author. More than anything else, he was a thorn in the flesh to most governments of his time. If the English media had Lasantha Wickremathuge, the Sinhala media had Victor Ivan. But there was a difference between the two. Most rebels, like Lasantha, probably knew that they wouldn’t have natural deaths. Victor got the opportunity to close his eyes peacefully when the time came to bid farewell to this ‘world’; a place which he wished to earnestly put in order through his writings. The legendary personality passed away on January 19, 2025. He was 75 years old at the time of his death.

He pried into the lives of the corrupt politicians and exposed them. He was a force in this little island when he made ‘Ravaya’- an alternative newspaper – a sort-after publication. There are stories that he had troubled times when financial struggles made paying the salaries of journalists who worked for him unthinkable. But this shrewd man made arrangements to keep journalists in the profession and roll out Ravaya from the printing press to ensure the publication continuously hit the newspaper stands. Those arrangements he made were frowned upon by his critics, but taking help to run his newspaper didn’t change this man into a ‘softie’, who meekly follows government guidelines to put out a tamed publication. 

His pet subject was politics. His close colleagues remember him as a provincial leader of the JVP who had the ability to quickly and convincingly put his opinion on the table; whether delivering a speech or during rare moments when discussion was encouraged during the insurgent uprisings. We cannot forget the fact that Victor was tasked with the duty of making bombs during the insurgency. It was one of the experiments while making a bomb that cost the flexibility in his hands dearly. In the eyes of the people who stood by the principles of religion and democracy, Victor wasn’t a good man. But later in life he reformed. Literature about this legend reveals that ‘his intellectual pursuits were greatly influenced by the work of Bertrand Russell and Mahatma Gandhi and this reflected in both his professional and personal life’. This is great for a man who closely followed the careers of politicians as his profession and wrote about a breed which never reformed or got rid of their childish ways of being greedy for fame, money and power. Politicians could take a cue from Victor about changing for the better.

Politicians fear the man who they cannot change or convert into their line of thinking. True, Victor helped Chandrika Kumaratunga to assume political power in 1994. The problem with lawmakers is that they use journalists to assume power and then turn against them when the same scribes start critisising the regime. Victor’s answer to this was a book he penned under the name ‘Queen of deceit’ (Chaura Rajina) - a publication which exposes all the wrongdoings of President Kumaratunga. Through the book he gave a strong message to all lawmakers; don’t mess with journalists/writers!

Victor was intelligent enough to realise, early as a youth, that the JVP insurgency was a ‘foolish dream’. He then left the party and joined mainstream politics. His first attempt at engaging in full time politics was when he contested from the LSSP ticket in Galle for the provincial Council elections. He lost. But what made him a winner was that he had embraced neutral thinking. That was a time when the JVP ideology was converting minds of the youth with ease and planting the seeds of destruction. This is a past even which the present JVP led NPP hierarchy refuses to throw into the dustbin of politics. 

Victor’s change from being a rebel to a reformer was genuine. Rights activist Sunanda Deshappriya in a tribute (Shared on Facebook on 19-1-2025) penned on Victor writes: “When Victor started Ravaya, he invited me and said ‘come on board and write. There is room for pieces where opinion may differ”. This is the society which we must create; a society which learns to accommodate others with opposing views. Deshapriya, in this piece of writing, states that while contributing to the Ravaya newspaper, he could write pieces which even contradicted what Victor Ivan was writing. 

This writer had a brief telephone conversation with Victor many years ago when the latter’s son -Athula Russell- was playing competitive chess in Sri Lanka. Athula, arguably at that time, which was in early 2000, was the man to beat in chess, in Sri Lanka. There was something about Athula; just like his father. Athula had created some controversy in a chess tournament (he was hitting the table with his hand and not the button of the chess clock which is used to monitor the duration of chess games) hence the need for arbitors at the tournament to step in and offer a solution. Now in chess the arbitors are the players in the tournament themselves and Victor had an issue understanding this. So he got journalist, author and former employee of the Ravaya newspaper Manjula Wediwardene to speak to me and I explained the procedure. The good thing about that episode was that both these men were very intelligent and understood matters fast. There was nothing vindictive in the newspaper the next day regarding the issue at the tournament. The beauty is that the intelligent person becomes a blotting paper and goes into listening mode when he knows that he doesn’t know and accepts that he must learn what he doesn’t know, fast. 

These days I’m reading content from his coffee table book ‘Paradise in tears’- which is a photo essay about Sri Lanka covering a period from 1800 to 1994. He also wrote many other books and even touched on the caste system prevailing in Sri Lanka through two books; one being ‘The revolt in the temple’ and the other being ‘Caste family and politics’. Victor had his journalism net well spread in society and found interesting titbits which he turned into content after much research. 

What were Victor’s thoughts during death? This is such an interesting question for this scribe, but with regard to Victor, no one knows. Sunanda Deshapriya in his piece on Victor writes: “We might not agree with his politics. We don’t have to believe in all his ideologies. We are not enlightened beings”. Victor was reformed to be an accommodating man, if not an enlightened being. Maybe his fiery personality didn’t allow him to be transformed into a personality that had no ‘ego’. That would have been ‘death’ coming to him before he physically died. We know that Victor, till the time of his death, was vocal and critical about the wrongdoings in the system and the flaws of any government. The opinion he formed had weight. But his life experiences probably tuned his mind to a frequency to let go eventually and make life as light as a feather. Go well ‘legend’. You have etched your signature in journalism so profoundly that it should remain for a very long time.⍐

Dissanayake’s China visit- Bad news for India.

https://www.deccanherald.com/opinion/dissanayakes-china-visit-reinforces-beijings-importance-to-srilankas-development-3363483

Trump signs order to withdraw US from Paris climate agreement

Trump signs order to withdraw US from Paris climate agreement for second time

On first day back as president, Trump signs letter giving notice to UN of US exit from treaty seeking to curb climate crisis effects 

Dharna Noor Mon 20 Jan 2025 The Guardian UK

Donald Trump on Monday moved to withdraw the US, the world’s second biggest emitter of planet-heating pollution, from the Paris climate agreement for a second time, and put the United Nations on notice.

On his first day back as president, Trump signed an executive order on stage in front of supporters at an arena in Washington DC which he said was aimed at quitting what he called the “unfair one-sided Paris climate accord rip off”.

He also signed a letter to the United Nations giving it notice that the US was exiting, which starts the formal process of withdrawal from the world’s main effort to mitigate the worst impacts of the climate crisis.

It will take about a year for the withdrawal to be formalized.

When enacted, the US will join Iran, Libya and Yemen as the only countries outside the global agreement, which Joe Biden had rejoined in 2021 after Trump confirmed he would exit it in his first term in 2017.

Trump, who also signed eight other executive orders on stage, told his supporters at the arena: “The United States will not sabotage its own industries while China pollutes with impunity. China uses a lot of dirty energy, but they produce a lot of energy. When that stuff goes up in the air, it doesn’t stay there ... It floats into the United States of America after three-and-a-half to five-and-a-half days.”

The confirmation of the move was also in a White House document published earlier Monday outlining America First Priorities, in a package of measures under the headline “Make America affordable and energy dominant again”.

Trump has also pledged to reverse Biden’s efforts to grow the US’s clean energy sector, which Trump has called “the green new scam”, promising in his inauguration address to “drill baby drill” and remove all limits on America’s booming fossil fuel industry.

The fossil fuel industry is expected to expand further during Trump’s second presidency despite already producing record amounts of oil. Under Biden, the country became the world’s biggest gas producer and last year saw a record 758 oil and gas drilling licenses issued.

One estimate before Trump won last November’s election calculated his return to the White House could add 4bn tonnes to US emissions by 2030.

Gina McCarthy, a former EPA Administrator under Barack Obama, said that Trump “abdicated” his responsibility to Americans by leaving the Paris accord.

“The United States must continue to show leadership on the international stage if we want to have any say in how trillions of dollars in financial investments, policies, and decisions are made that will shape the course of our economy and the world’s ability to fight climate change,” she said in a statement.

During Trump’s first term, pulling the US from the treaty had a limited impact. Though he announced the exit shortly after taking the oath of office in 2017, the decision did not take effect until November 2020 due to complicated United Nations regulations. This time, however, Trump’s withdrawal could take as little as one year as the administration will not be bound by the accord’s initial three-year commitment.

In the weeks before Trump’s inauguration, the outgoing Biden administration formally filed new plans under the Paris agreement for tougher 2035 emissions targets for the US, intended as a “capstone” on his legacy on the climate, which included the landmark clean energy investment in the Inflation Reduction Act of 2022.

Under Biden’s new target, the US would have had to cut greenhouse gases by between 61% and 66% by 2035, compared with 2005 levels – a substantial strengthening of current goals that administration officials said would put the US on the path to net zero carbon by 2050.

Though he was mindful that Trump would not adhere to the targets rolled out in December, Biden’s senior adviser, John Podesta, at the time said: “Sub-national leaders across the US can continue to show the world that US climate leadership is determined by so much more than who sits in the Oval Office.”

Climate advocates now hope cities and leaders across the US will continue to push the clean energy transition, with Republican districts benefitting most from the IRA investment, and cleaner energy, particularly solar, being cheaper than dirty energy like coal.

“[R]est assured, our states, cities, businesses, and local institutions stand ready to pick up the baton of US climate leadership and do all they can – despite federal complacency – to continue the shift to a clean energy economy,” said McCarthy, who is now managing co-chair of America Is All In, a coalition of climate-concerned American leaders.

Basav Sen, a director at the left-leaning thinktank Institute for Policy Studies, said that though he believes the Paris agreement is inadequate to limit global warming, Trump exiting it is “reprehensible”.

“He and his administration do not care about cooperative global action to avert climate catastrophe, and want to recklessly expand fossil fuel production,” he said.

The fossil fuel industry donated $75m to Trump’s campaign.

The US’s withdrawal from the climate agreement “undermines the collective fight against climate change at a time when unity and urgency are more critical than ever”, said Harjeet Singh, climate activist and founding director of the Satat Sampada Climate Foundation. The impact of the decisions will be felt most harshly by developing countries, he said.

“These vulnerable nations and communities, which have contributed the least to global emissions, will bear the brunt of intensifying floods, rising seas, and crippling droughts,” Singh said in a statement.

In November 2025, world leaders will meet in Brazil for a global UN summit, which is likely to be the last chance for the world to forge a global plan to prevent temperatures reaching 1.5C above pre-industrial levels. Experts say fossil fuel emissions must be cut quickly and deeply to avoid the worst outcomes including more extreme weather, sea level rise, biodiversity loss, food and water insecurity and worsening health impacts.

Paul Bledsoe, a former Clinton White House climate official who now lectures at American University’s Center for Environmental Policy, speaking at the time of the Biden targets being announced in December last year, said: “Trump is risking the climate stability and safety of the planet as part of a culture war political strategy, heedless of billions who will suffer.”

Trump’s announcement confirming he will quit the Paris agreement comes days after the outbreak of devastating wildfires in Los Angeles, the latest in a growing series of extreme weather disasters linked to the climate crisis. Experts have described how the fires are linked to unprecedented compounding climate conditions of extreme hurricane winds, drought and relatively high temperatures in January. They have caused at least 27 deaths and as much as $250bn of dollars of damage. Trump used the disaster to spread disinformation and stoke political division.⍐

After Musk-Ambani tussle, India bets satellite spectrum policy can attract many companies

By Aditya Kalra and Aditi Shah January 21, 2025 

NEW DELHI, Jan 20 (Reuters) - India's decision to allocate satellite spectrum, rather than auction it, will give consumers more choice, the telecoms minister said on Monday, playing down concern by Mukesh Ambani's Reliance Jio that it could lose out to Elon Musk's Starlink. Starlink has long wanted to launch in India and has in recent months clashed with billionaire Ambani's company over how the country should grant spectrum for satellite services.

Reliance had urged an auction but the Indian government sided with Musk who wanted it to be allocated administratively, in line with global trends. Analysts say an auction, requiring much more investment, would likely deter foreign rivals.

Ambani said he wanted a level playing field and has been worried that his telecom company, which spent $19 billion in airwave auctions, now risks losing broadband customers to Starlink and potentially even data and voice clients later as technology advances.

Jyotiraditya Scindia 

"My job as telecoms minister is to make sure that you have as many choices as possible," Jyotiraditya Scindia told Reuters during an interview at his ministry's office in New Delhi.

Asked if there was merit in Reliance's concerns, he said, without naming any company: "Technology is never constant", adding that companies need to keep evolving.

Scindia noted that current satellite technology for communications requires devices to have the sky in their sight, and smartphones cannot use that technology for indoor services that are provided by terrestrial networks.

"The minute you come into this building, you're done," he said.

India is one of the world's biggest telecom markets with 942 million users and stiff competition among Reliance and rivals Bharti Airtel (BRTI.NS), opens new tab and Vodafone Idea (VODA.NS), opens new tab. Data prices are among the cheapest in the world and internet connectivity has risen rapidly.

Deloitte predicts India’s satellite broadband service market will be worth $1.9 billion by 2030, making it lucrative for players like Starlink, Amazon and Ambani.

Scindia said Starlink and Amazon Kuiper's applications for a licence to launch satellite broadband services in the country were still under review.

VODAFONE IDEA

Musk has a reputation for disrupting markets. In Kenya, he priced Starlink at $10 per month, versus $120 in the United States, prompting a complaint by Kenya's Safaricom (SCOM.NR), opens new tab last year.

A former aviation minister, Scindia is also overseeing many more telecom initiatives for Prime Minister Narendra Modi.

India's government owns a stake in Vodafone Idea, and the company in November disclosed it still had around $24 billion in dues owed to the government.

Scindia repeatedly declined to answer in the interview if there were any plans for relief on the outstanding dues.

The Indian government is, however, working towards reviving state-run telecom player, Bharat Sanchar Nigam Limited (BSNL), which lost market share amid fierce competition over the years, he said.

BSNL has 99 million users but is being supported with expanded offerings of 4G services.⍐

World Economic Forum 2025 - Oxfam’s new report

Amitabh Behar, Executive Director, Oxfam International, reveals the latest findings of Oxfam’s new report, Takers Not Makers: The unjust poverty and unearned wealth of colonial inheritance.

As the 2030 deadline for the Sustainable Development Goals draws closer, the gap between the richest 1% and the rest of us has widened.

Over the past year, total billionaire wealth increased by $2 trillion and 204 new billionaires were created.

I am an optimist. But in these very dark times, optimism feels increasingly fragile. Having spent my entire career working with civil society organizations, activists and campaigners, we have often grappled with a fundamental question: “What is ailing our world?” I am convinced, now more than ever, that the root cause lies in the grotesque inequality of our rigged economic system – a system deliberately designed to enrich a wealthy elite, at the expense of ordinary people.

With the clock ticking on the promise of the Sustainable Development Goals to deliver a better, more sustainable future for all, our world remains starkly divided. The gap between the richest 1% and the rest of us has widened into a chasm.

Oxfam’s new report, Takers Not Makers: The unjust poverty and unearned wealth of colonial inheritance, published today shows that in 2024, billionaire wealth skyrocketed, increasing three times faster than in 2023. Over the past year, total billionaire wealth increased by $2 trillion and 204 new billionaires were created, on average almost four new billionaires per week.

Unmasking unearned wealth: The true origins of billionaire wealth

The report shatters the illusion that extraordinary wealth is a reward for extraordinary talent, or that huge fortunes are built on hard work – the comfortable belief that we live in a meritocracy. Nothing could be further from the truth. Our report sheds light on two major areas of unearned wealth.

The first is the rise of a new oligarchy fuelled by inheritance, cronyism, and monopoly power. We are seeing an accumulation of wealth and power, further entrenching an economic system that works only for a select few. Our analysis shows that 60% of billionaire wealth is either from crony or corrupt sources, monopoly power, or is inherited.

In 2024, for the first time, there were more billionaires minted through inheritance than entrepreneurship. Every billionaire under the age of 30 inherited their wealth. In the next decade, trillions will be handed down to heirs, much of it largely untaxed, creating a new Downton Abbey era for the 21st century. That is not good for our economy, democracy, or for our collective future.

Beyond inheritance, monopoly power and crony connections to governments are crucial in perpetuating inequality. Monopolistic corporations control markets, dictate terms, and set prices with impunity, further enriching their billionaire owners. Cronyism and corruption allow the super-rich to ensure government works for them, and not for ordinary people.

Beyond this problem of unearned wealth, our report delves deeply into a painful history of colonialism, that casts a long shadow that continues to rupture our world. We know that colonialism benefited the rich countries of the Global North, over the Global South. But further to this, colonialism benefited primarily the richest in rich nations. Empire coincided with huge inequality in colonising powers. To use one example, the richest 10% extracted 50% of all income in the UK throughout the height of the British Empire.

Colonialism and slavery imposed severe exploitation, violence, racism, and domination on colonized people. The effects of the slave trade, which was crucial to the building of economies of European colonies, are still felt today. For example, after the abolition of slavery and its independence from France, Haiti was forced to borrow to reimburse slave owners 150 million francs – the equivalent of $21 billion, with 80% of this going to the richest slave owners. This started the cycle of debt and disaster that continues to date.

And for those who believe that colonialism, however terrible, was a historical crime, I would argue that there is so much in our modern world that is colonial. A system that continues to extract wealth and power from ordinary workers in the Global South to rich people in the Global North, a phenomenon we call "billionaire colonialism."

To use just one example, rich nations use their hard currencies and privileged position in the economic system to extract a constant rent from the Global South, who are forced to borrow in foreign currencies at exorbitant rates. Using new research from the World Inequality Lab we demonstrate that $30 million dollars an hour is being paid by the Global South to the richest 1% in the richest countries. Time and again we find that the flow of money, of resources, is from South to North, from the poorest to the richest nations, when the opposite should be the case. For every $1 given in aid by richer nations, $4 are paid back to rich countries in this way. We know that these resources are not flowing to everyone in rich nations equally but are instead overwhelmingly benefiting the already wealthy. Those who are struggling to pay their bills or heat their homes in rich nations are not those who are responsible for this new, modern economic colonialism, they too are the victims.

A call to action: Delivering on a just, sustainable future for all

We need to change course and do so fast. Tackling extreme inequality will require fundamental changes to the way we manage our economies, and we can embrace several approaches to achieve this. It is in all our interests to close the gap – both between the Global North and the Global South –and within countries too. It is the key to a peaceful, progressive and prosperous world, which is something we should all be working towards.

First, all governments must set global and national goals to radically reduce inequality. They must commit to aiming for the total income of the richest 10% to be no more than the total income of the poorest 40%.

Secondly, former colonial powers should acknowledge and formally apologize for the injustices committed under colonialism. Addressing the deep wounds of colonialism is essential for moving forward. Offering reparations to the victims can help ensure restitution, provide satisfaction, compensate for damages, enable rehabilitation, and drive trust building.

Third, governments should work to end outdated systems that create division and are no longer relevant to our current times. This includes working with global institutions such as the IMF, World Bank, and the UN to reform their governance models to ensure equitable representation globally and reduce the dominance of interests of the wealthy elites and corporations. We need new systems that promote economic sovereignty for all governments and fair wages and labour practices for all workers. Unequal free trade policies and deals must be repealed. Global tax policy should fall under a new UN Tax Convention and facilitate the payment of higher taxes by the richest people and corporations.

Fourth, Global South governments should form alliances and regional agreements that prioritize equitable, mutually beneficial exchanges and promoting economic independence and reducing reliance on former colonial powers or Global North economies

Finally, all existing colonialism must end, and people in the remaining non-self-governing territories must be supported to realize their right to equal rights and self-determination.

Time is ripe to change the path of history and write a new, more equal story that promises a better world where everyone has the opportunity to thrive. This is to the benefit of all of us. Our focus must not waiver as we march towards ensuring all people can live free, equal and with dignity.⍐