On the occasion of the Paris Summit for a New Global Financing Pact, the Finance Ministers of the V20 released a statement on the newly formed “Emergency Coalition for Debt Sustainability and Climate Prosperity”. The DRGR project is listed as a technical partner.
A commentary by the DRGR authors Kevin Gallagher, Shamshad Akhtar, Stephany Griffith-Jones, Ulrich Volz and Moritz Kraemer, published at the Italian Institute for International Political Studies (ISPI).
At “Project Syndicate”, the DRGR authors Shamshad Akhtar, Ulrich Volz, Moritz Kraemer and Stephany Griffith-Jones warn against dangerous shortsightedness in sovereign-debt restructurings and suggest steps for comprehensive debt relief oriented around a green, inclusive recovery.
The following Statement on Debt Relief for Green and Inclusive Recovery is supported by 23 former Central Bank Governors and former Finance Ministers from around the world. The statement calls on the G20 to enact a Debt Relief for a Green and Inclusive Recovery Initiative that requires bilateral, multilateral,and private sector debt relief on a grand scale, analogous to the Highly Indebted Poor Countries Initiative.
This Dev Talk, jointly hosted by the OECD Development Centre and the Boston University Global Development Policy Center, examined what debt-for-climate swaps entail and whether they can deliver with a speed and scale commensurate with the urgency of both crises.
The COVID-19 crisis has come at the worst possible time for humanity. The poorest countries were already struggling to meet their development goals in the face of cyclones, wildfires, and droughts, and the world now has only a decade left to slow down increases in global temperature and sea levels before they become catastrophic, and invest in climate-resilient development.
The Special Session ‘Climate Action in Times of Debt Distress’ at the Third Annual Conference of the Global Research Alliance for Sustainable Finance and Investment examined the options for debt rescheduling that will allow for people centred investments that address climate change and inequality by leaving fossil fuels in the ground. Several co-chairs of the initiative presented insights into the issue.