Addressing the challenges of 21st century sovereign debt crises.
The mission of the Debt Relief for Green and Inclusive Recovery (DRGR) Project is to utilize rigorous, policy-oriented research to advance innovative solutions to address the challenges of 21st century sovereign debt crises.
Taking a holistic approach, the DRGR Project engages with policymakers, thought leaders and civil society to further ambitious, evidence-based policy dialogue for sustainable development around the world. The DRGR Project has been designed since its inception with input from stakeholders in the Global South, and to advance its policy recommendations through a development-centered lens.
The Boston University Global Development Policy Center, Heinrich-Böll-Stiftung, and the Centre for Sustainable Finance at SOAS, University of London founded the DRGR Project in 2020 during the height of the COVID-19 pandemic. Heinrich-Böll-Stiftung and the Centre for Sustainable Finance at SOAS, University of London remain active contributors. The DRGR Project focuses on the linkages between sovereign debt distress and climate change, advancing pioneering proposals to unlock finance for sustainable development and to achieve shared climate and development goals.
Latest research
Public Debt and Resilient Futures in Latin America and the Caribbean
October 2025
Latin America and the Caribbean stand at a crossroads of escalating debt, intensifying climate shocks, and stalled progress toward the Sustainable Development Goals. The new policy brief “Public Debt and Resilient Futures in Latin America and the Caribbean” by Ulrich Volz, Maria Fernanda Espinosa, and Alex Dryden analyses the region’s debt dynamics and explores how innovative tools—such as debt-for-nature swaps and disaster clauses—could help break the cycle of vulnerability and restore fiscal resilience. It calls for urgent reform of the global debt and climate finance architecture to unlock sustainable growth and climate-ready development across the region.
Africa’s Vicious Cycle of Debt and Climate Change
September 2025
Across Africa, climate shocks and debt distress fuel each other in a vicious cycle. With external debt more than tripling since 2008, rising costs and plunging currencies are squeezing public finances—leaving little room for vital climate resilience investments. The policy brief “Africa’s Vicious Cycle of Debt an Climate Change” by Alexander Dryden and Ulrich Volz unpacks these dynamics and questions whether current debt assessments are fit for purpose.
Debt, Climate, and Development in Asia and the Pacific: Breaking the Vicious Circle
July 2025
The new Asian Development Bank Institute working paper “Debt, Climate, and Development in Asia and the Pacific: Breakind the Vicious Cycle” by Ulrich Volz, Shamshad Akhtar, and Alex Dryden examines how debt vulnerabilities in the Asia and Pacific region are worsening—driven by climate disasters and structural development gaps. It highlights how unsustainable debt burdens threaten sovereign fiscal stability and undermine the ability of developing economies to meet their climate goals. The authors call for concerted efforts to proactively tackle sovereign debt problems.
Latest Commentary
- Overcoming Latin America’s Mounting Debt Crises
Climate finance and green investments will achieve little in debt-strapped economies unless such measures are tied to systemic reform. Latin American and Caribbean countries do not need incremental pledges; they need an overhaul of global financial governance. - Debt, Disasters, and the Price of Delay: Toward Resilient Reform in Latin America and the Caribbean
Latin America and the Caribbean stand at the crossroads of unsustainable debt burdens, worsening climate shocks, and stalled development goals. A new policy brief sets out how tackling looming sovereign debt problems could restore fiscal space for climate action and development. It highlights innovative instruments such as debt-for-nature swaps and disaster clauses, while calling for… - Event Summary – Tackling the Triple Crisis of Debt, Climate and Development: High-Level Seminar in preparation of the EU-AU Summit
As global crises converge — from rising debt distress to accelerating climate impacts and uneven development — the need for fairer, more effective international cooperation has never been greater. This was the driving force behind our recent high-level seminar on “Tackling the Triple Crisis of Debt, Climate, and Development”, held on October 2 at the…
