“The world today is grappling with a convergence of unprecedented economic, political, social, and environmental crises,” reads the message from the World Council of Churches, World Communion of Reformed Churches, Lutheran World Federation, World Methodist Council, Council for World Mission, and United Society Partners in the Gospel.

The message notes that, while the wealth of multi-millionaires and billionaires continues to soar, the vast majority of people struggle with rising costs for basic necessities, such as food and housing, and declining living standards.

“This deepening inequality has eroded trust in public institutions, weakened democratic systems, enabled corporate influence over state policy, and hindered progress on urgent climate action, reinforcing a vicious cycle of disparity and disempowerment,” reads the message. “We are amid an escalating crisis of biodiversity loss and climate change that threatens livelihoods and poses an existential risk to all life on Earth.”

Climate change also worsens sovereign debt burdens, the message notes.

“Meanwhile, developed countries, with the greatest responsibility for the climate crisis, have consistently failed to meet their commitment to provide finances to support the majority of developing countries that are grappling with unprecedented climate catastrophes,” the message reads. “The moment calls not for incremental change, but for a bold reimagining and transformation of the global financial order.”

The message urges governments to reclaim the role of public finance and combat illicit financial flows.

“More than half of developing countries are in or nearing debt distress, with debt servicing often consuming more than what is spent on health and education,” the message reads. “For many, repaying debt means sacrificing basic human rights and cutting essential services.”

The message further notes that the global economy operates without adequate democratic oversight or regulation. “Yet only a human rights-based framework of global cooperation can address the scale and interconnection of today’s challenges,” reads the message. “While imperfect, the UN remains the most inclusive and representative forum for global governance.”

The message urges the establishment of a UN Economic, Social, and Ecological Security Council.

“Now is the time to reshape global finance so it serves all people and the planet, not just the privileged few.”

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