The usage suggests appending debug=1 to the command-line:
$ LD_LIBRARY_PATH=. ./gameboy
usage: ./gameboy <rom> [bootrom=0] [speed_limit=0] [debug=1] [stdout=0]
However, the emulator still reports that DEBUG=0:
$ LD_LIBRARY_PATH=. ./gameboy wario_walking.gb debug=1
BOOTROM=0
DEBUG=0
SPEED_LIMIT=1
STDOUT=0
0.000, GB starting...
0.000, reset ok, waiting for GL...