From debt to AI: The Global South’s wishlist for the G7 Summit | WION Decodes

The much-anticipated 52nd Group of Seven or G7 Summit is set to begin next week in France, where world leaders will hold dialogue to strengthen multilateral cooperation and discuss the world’s most pressing issues. The summit will be held on 15-17 June 2026 in Évian-les-Bains, Haute-Savoie, marking the second time the location has hosted the group. As member nations, along with invited participants, prepare to take part in the annual summit, all eyes are set on the Global South.

Accounting for more than 80 per cent of the world’s population, the Global South comprises several developing and emerging nations across Africa, Asia, Latin America and the Pacific. For these nations, the burning question is not only geopolitical tensions or trade disputes, but access to affordable financing, climate resilience, technology and a greater role in shaping global rules.

Here’s what the Global South seeks from G7.

Debt relief among top priorities

For many developing countries, the major challenge for growth is the rising debt burden. According to the United Nations Conference on Trade and Development (UNCTAD), developing countries’ external debt reached approximately $11.7 trillion in 2024, while debt servicing costs climbed to around $1.6 trillion annually.

For these nations, a significant portion of their budget is dedicated to debt repayments while also trying to meet the demands for better infrastructure, healthcare and education. Higher global interest rates and a stronger US dollar have further made borrowing more expensive for nations. This has slowed down development projects and forced several states to cut public spending.

This has urged the Global South to call on the G7 to support debt restructuring mechanisms, improve coordination among public and private creditors and expand debt-for-climate swaps to create a system that prioritises long-term development rather than short-term debt repayment.

A trillion-dollar development finance gap

Beyond debt relief, developing nations are seeking greater access to affordable capital. According to the estimates by the United Nations, trillions of dollars in annual investment are needed to meet sustainable development goals, modernise infrastructure and expand energy access.

However, borrowing costs remain considerably higher for emerging economies than for advanced nations. These nations often end up paying substantially more to access capital markets, which in turn raises the cost of everything from roads and ports to renewable energy projects.

As a result, governments across the Global South are calling for multilateral development banks to increase lending capacity and provide more concessional financing. Many also want the G7 to support reforms that unlock private investment while reducing borrowing costs for emerging economies.

Climate finance and adaptation

Climate change has become one of the key issues for both advanced and developing economies. Many countries in the Global South argue that they are among the least responsible for historical greenhouse gas emissions but face some of the most severe consequences.

From droughts in Africa to floods in South Asia and rising sea levels threatening island nations, climate-related disasters are imposing growing economic costs. Despite this, adaptation funding remains far below estimated needs. The Global South calls on G7 nations to increase support for adaptation projects, resilient infrastructure and clean energy transitions while fulfilling long-standing international financing commitments.

The new digital divide

Another major issue remains access to technology. While artificial intelligence is expected to reshape industries and economies, many developing countries fear being left behind.

According to UNCTAD’s Technology and Innovation Report, the global AI market could reach trillions of dollars in value over the coming years. However, much of that growth is concentrated in a small number of advanced countries. Many developing nations lack access to advanced computing infrastructure, cloud services and the skilled workforce needed to compete in the AI economy. This raises concerns that a new AI divide could emerge that would create another barrier to development in the decades ahead.

Governments are now increasingly seeking support for digital public infrastructure, affordable internet connectivity, technology transfer and AI capacity-building.

Reforming global institutions

Emerging economies have long argued that institutions established after World War II no longer reflect the realities of today’s world, demanding a greater representation in decision-making bodies such as the International Monetary Fund and the World Bank. They argue that while the global economy has changed dramatically, governance structures have not kept up with it. Many developing nations are also seeking reforms in AI governance, trade rules and climate negotiations, seeking a greater role in setting international standards.

Beyond aid: A demand for partnership

Over the decades, the focus of the Global South has shifted from traditional aid, with countries now seeking access to capital, technology, markets and decision-making power. Amid the intensifying geopolitical competition between major powers, many developing nations do not want to choose sides.

Now, emerging economies want reforms that reflect today’s realities. How the G7 responds to these demands could shape not only development outcomes across the Global South but also the future of international cooperation and global economic governance.

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