This report proposes a Debt Relief for Green and Inclusive Recovery Initiative as an ambitious, concerted, and comprehensive debt relief initiative that frees up resources to support recoveries in a sustainable way, boosts economies’ resilience, and fosters a just transition to a low-carbon economy. Under the proposal, low and middle-income countries with unsustainable debt burden receive substantial debt relief by public and private creditors in order to provide fiscal space for investment in Covid-19-related health and social spending, climate adaptation and green economic recovery strategies. Governments receiving debt relief would need to commit to align their policies and budgets with the 2030 Agenda for Sustainable Development and the Paris Agreement.
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Table of contents
Key Elements of the Proposal
- A Looming Debt Crisis
- Debt Sustainability, Climate Vulnerability, Opportunities for Climate Action, and the Imperative of a Just Transition
- A New Framework for a Global and Systemic Response to the Debt and Climate Crises
- How to Ensure Private-sector Involvement?
- The Way Forward