Categories
Blog

Provide Debt Relief for a Green and Inclusive Recovery

SOAS ICOP Policy Briefing and Podcast by DRGR-author Ulrich Volz

In line with recommendations for a green and inclusive recovery developed by an international team of economists, DRGR-author Ulrich Volz, Director of the Centre for Sustainable Finance at SOAS, urges the UK government, host of COP26, to propose urgently needed steps. Read more in the SOAS ICOP Policy Briefing or listen to the related 5-minute podcast.

Many developing countries, including Small Island Developing States, are suffering a triple crisis: debt, Covid-19, and climate change. UNDP estimates that close to US$1.1 trillion is due in debt service payments from developing and emerging countries in 2021 alone, and that 72 countries are at risk of external debt distress this year. Servicing this high debt undermines their ability to invest in climate adaptation despite an urgent need to scale-up investment in climate resilience.

There is a danger that vulnerable developing countries will enter a vicious circle: greater climate vulnerability raises the cost of debt, which further diminishes the fiscal space for investment in climate resilience, which further increases climate vulnerability and debt.

Categories
Blog

V20 issues Statement on Debt Restructuring

V20 Statement on Debt Restructuring Option for Climate-Vulnerable Nations
STATEMENT BY THE V20 PRESIDENCY

The V20 Group are the finance ministers of the Climate Vulnerable Forum (CVF). The CVF encompasses 48 countries with 1.2bn people. Ahead of COP26, the V20 has issued a statement on Debt Restructuring that draws upon the proposal “Debt Relief for a Green and Inclusive Recovery (see our 3-minute video for a quick explanation).

Categories
Blog

10-Minute Explainer Video

Debt Relief & The Poorest Countries With Stephany Griffith-Jones

The World Bank and IMF are likely to announce a new debt relief initiative at COP26, tying debt relief to Green investment. At the Centre for the Study of Financial Innovation (CSFI), DRGR-author Stephany Griffith-Jones explains our proposal as an alternative based on the Brady Plan that helped Latin America in the 1970s/80s, in which creditors would swap existing debt for guaranteed debt (with a haircut).

Categories
Blog

New York Times Refers to DRGR in Comprehensive Article on Green Debt Relief

In the midst of the annual Spring Meetings of the International Monetary Fund and the World Bank Group, the NY Times published an article on the “systemic risk” debt and climate change pose on the world economy, quoting the DRGR proposal.

Categories
Events

UNDP Discussion on DRGR-Proposal (Video)

On February 24, UNDP hosted an online-discussion on our proposal for Debt Relief for a Green and Inclusive Recovery. Read the full announcement here.

Three of the report authors, Shamshad Akhtar, Stephany Griffith-Jones, and Ulrich Volz presented its key elements and calls for action.

They were then joined by the UNDP colleagues

  • Luis Felipe Lopez Calva (UN ASG and UNDP Director, RBLAC),
  • Celine Moyroud (UNDP Resident Representative, Lebanon) and
  • Raymond Gilpin (Chief Economist, UNDP Africa).

The discussion was moderated by George Gray Molina (GPN Chief Economist, UNDP). 

Full Video Recording:

Categories
Blog

DRGR at CNBC Africa

Moritz Kraemer, Senior Advisor to the Debt Relief for a Green and Inclusive Recovery Project and contributor to our report, has been interviewed by CNBC Africa on the way forward for African Debt.

Categories
Events

Pre-Launch Event at World Bank Hosted by German Executive Director

On Wednesday, 28. October 2020 the DRGR proposal received several positive commentaries at a pre-launch event at the World Bank. German Executive Director Jürgen Zattler invited multiple report authors to present the core ideas of our report.