The Debt Relief for a Green and Inclusive Recovery (DRGR) Project has concluded its activities. While this marks the end of a chapter, it is also an opportunity to celebrate the impact we have made together and to express our deepest gratitude to all who have contributed to this vital work.
BY SARAH RIBBERT (PROJECT COORDINATOR)
The DRGR Project started out in 2020 at the height of the Covid19-pandemic. At this time, the public debt situation in the Global South deteriorated due to an unprecedented outflow of capital, a sharp decline in international trade, foreign direct investment, and remittances, a steep drop in commodity prices, and increased public spending in response to the health and economic crisis.
In response to this challenge, the Boston University Global Development Policy Center (GDP Center), the Center for Sustainable Finance at SOAS, University of London, and the Heinrich Böll Foundation joined forces and founded the Debt Relief for a Green and Inclusive Recovery Project. The project was initially co-chaired by Ulrich Volz, Shamshad Akthar, Kevin Gallagher, Stephanie Griffith-Jones, and Jörg Haas. The project commissioned several background papers, exploring different aspects of debt, climate and development. The intellectual foundation of the DRGR Project was its initial proposal laid out in its first report. The launch webinar included keynote addresses by Barbados Prime Minister Mia Mottley and former UK Prime Minister Gordon Brown.
In 2021, S&P chief ratings officer Moritz Kraemer joined the group of Co-Chairs, and co-authored with the other co-chairs of a major report on securing private participation in debt restructuring. An early accomplishment in that year was a statement supported by 23 former Central Bank Governors and former Finance Ministers who called on the G20 to enact a Debt Relief for a Green and Inclusive Recovery Initiative that would require bilateral, multilateral, and private sector debt relief on a grand scale, analogous to the Highly Indebted Poor Countries Initiative.
Another early success was the endorsement of the DRGR Proposal by the Vulnerable 20 (V20) Group: In the run-up to COP26, the V20 issued a statement on debt restructuring that referred to the DRGR proposal. The International Monetary Fund (IMF) took notice: in July of that year, Project Co-Chair Kevin Gallagher briefed IMF Managing Director Kristalina Georgieva.
In 2022, the project reformed its structure and welcomed new Co-Chairs: María Fernanda Espinosa (former President of the UN General Assembly), Yuefen Li (Senior Advisor at the South Center), and Anzetse Were (Senior Economist at Financial Sector Deepening Kenya). Furthermore, the project established its Stakeholder Advisory Group, a committee of renowned debt and climate experts.
The greatest accomplishment in 2023 was the report “Guaranteeing Sustainable Development” whose publication was prominently featured in Reuters and referred to in an opinion piece in the New York Times. Another major report was released in the same year, namely “Debt Relief by Multilateral Lenders – Why, How and How Much?”, which sparked lively debates at the IMF and World Bank Annual Meeting in Marrakech and in the Financial Times.
By providing continuous, cutting-edge research on the topic of the sovereign debt crisis in the Global South, DRGR was able to push the debt on the international agenda, as reflected in the UN SDG Stimulus Plan, the Expert Review on Debt, Nature and Climate, and the Accra-Marrakech Agenda of the V20.
The year 2024 was marked by the next flagship report “Defaulting on Development and Climate” with Marina Zucker-Marques, Kevin Gallagher und Ulrich Volz as lead authors. Two new African Co-Chairs joined the DRGR Project: Bogolo Kenewendo (former Minister of Investment, Trade and Industry in Botswana) and Patrick Njoroge (Former Governor of the Central Bank of Kenya). The explainer video “Sovereign debt relief for climate vulnerable countries” launched for COP29 garnered over 1.8 million views on YouTube. By the end of 2024, several prominent voices started calling for debt relief.
The year 2025 was poised for action toward debt relief: The South African G20 Presidency put debt relief prominently on its agenda, the Vatican called for a Jubilee Year and the Fourth Financing for Development Conference took place in June in Seville. The year also saw increased momentum on the African continent with the first African Union Debt Conference in Lomé and the African Leaders Debt Relief Initiative (ALDRI) being set up by eight former African Heads of States and Government.
However, it quickly became clear under the Trump administration that, without the crucial support of the most powerful G20 member, achieving holistic debt relief and comprehensive reform of the International Financial Architecture became more difficult.
The project published regional analyses on Asia and the Pacific, Latin America, and Africa and increased its political dialogue through several events and op-eds.
After Shamshad Akhtar, one of the founding members of DRGR passed away at the end of 2025, the Project concluded its work in March 2026 with a final webinar in honor of her legacy. While it marked the end of a chapter, it also was an opportunity to celebrate the impact we have made together and to express our deepest gratitude to all who have contributed to this vital work.
First and foremost, the Project extends its heartfelt thanks to all the former and current Co-Chairs of DRGR. Their political leadership, network, and unwavering commitment have been essential for our collective achievements.
We would also like to thank the members of our Advisory Group and all the experts, participants, and advocates who have engaged with DRGR over the years. You have been essential partners in this journey, and we are truly grateful for your involvement.
While the DRGR project has concluded, we are hopeful that the conversations we have started and the impact we have created will continue to shape the future. There is no doubt: The need for debt relief to enable climate action and an inclusive recovery remains as urgent as ever.
Please note that this website will continue to serve as archive for project outputs, but no further updates will be made.