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New Study: Debt, Climate and Development in Asia and the Pacific
July 31, 2025
Mounting debt burdens, the accelerating climate crisis, and persistent underdevelopment are converging to create a perfect storm for many Asian and Pacific nations. In a new working paper for the Asian Development Bank Institute Ulrich Volz, Shamshad Akhtar and Alex Dryden examine how the region’s debt vulnerabilities are worsening—driven by climate disasters and structural development gaps.
The study calls for bold multilateral action—combining new liquidity provisions, affordable development finance, systemic reforms to the international financial architecture, and, where necessary, sovereign debt relief to put the region back on a path to sustainable growth.
Sovereign Debt Reform Gathers Pace — But Will It Be Enough?
July 02, 2025
Momentum for reforming the international sovereign debt system is accelerating. From the Compromiso de Sevilla, adopted at the UN Financing for Development Conference, to the Jubilee Commission’s call for a new HIPC-style initiative, recent weeks have seen major developments. Global South countries pushed for deep structural reform, and while not all demands made it into the final Seville outcome, the document still includes several important provisions on debt coordination, sustainability, and climate resilience.
The Debt Relief for a Green and Inclusive Recovery (DRGR) initiative has long advocated many of these reforms—and offers in the blog a critical assessment of what the Seville commitment delivers, where it falls short, and what needs to happen next. The blog also reflects on the latest report by the UN Secretary-General’s Expert Group on Debt and shares important project updates.
Reversing the Vicious Cycle of Debt, Underdevelopment and Environmental Change
June 19, 2025
As the Jubilee Year 2025 progresses, ambitions to resolve the debt crisis and reform the international financial architecture are being thwarted—both by unforeseen geopolitical developments and by creditor nation’s insistence on preserving the status quo. […]
Momentum for reform, however, continues to build beyond the negotiating rooms. On Friday, 20 June, the Jubilee Commission chaired by Joseph E. Stiglitz will release in the Vatican its long-anticipated Jubilee Report on Addressing the Debt and Development Crises, making a powerful moral and political case for a new approach to sovereign debt. The Commission will also host a strategic planning roundtable bringing together leaders of several high level commissions and other experts. Debt Relief for a Green and Inclusive Recovery (DRGR) Project Co-Chair Jörg Haas will represent the initiative at this event.
That same week, during London Climate Action Week, SOAS and the DRGR Project will host a timely event titled “Reversing the Vicious Cycle of Debt, Underdevelopment, and Environmental Change.” Register here for the event.
