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
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.
Giving Voice to The Silent Debt Crisis: How Debt Relief Can Unlock Green Growth Pathways for Africa
October 2024
Africa is amongst the most vulnerable regions in the world to the impacts of climate change, while also grappling with a severe sovereign debt crisis. The policy brief “Giving Voice to The Silent Debt Crisis: How Debt Relief Can Unlock Green Growth Pathways for Africa” by Bogolo Kenewendo, Patrick Njoroge and Alexander Dryden analyzes Africa’s debt dynamics and outlines a proposal to unlock the continent’s potential for green growth and support climate resilience.
Latest Commentary
- Paying for the Past or Investing in the Future? Africa’s Debt and Climate Dilemma
Africa is amongst the most climate-exposed regions in the world while also grappling with mounting debt distress. A new policy brief analyzes how debt and climate vulnerabilities reinforce each other and sets out a proposal to link debt relief to climate and development goals, helping African countries escape the debt-climate trap and set the stage for a more sustainable and equitable global financial system. - Financing for Development: Building Momentum for Sovereign Debt Reform
There is growing momentum for a reform of the international sovereign debt architecture. In recent weeks, a series of high-level meetings and reports—from the Financing for Development Conference in Seville to the launch of the Vatican-backed Jubilee Report—have advanced the debate and echoed proposals long advocated by the Debt Relief for a Green and Inclusive… - Navigating Uncertainty: Debt Relief and Reform at the 2025 IMF–World Bank Spring Meetings
At this year’s IMF-World Bank Spring Meetings, calls for meaningful debt relief echoed loudly—but the official response remained stuck on fiscal tightening. As emerging market and developing economies face shrinking fiscal space and growing debt burdens, the gap between policy advice and economic reality is widening, with one crucial issue largely absent: the growing threat…
