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The UK has announced today on climate finance day at COP28 that it has reached an agreement to add Climate Resilient Debt Clauses to its new and existing loan agreements with Senegal and Guyana.Heidi Chow, Executive Director at Debt Justice, said:
“While CRDCs will help countries address future crises, they are completely inadequate for the current debt crises and must not be seen as a solution to the present challenges so many countries are facing. The UK must step up and put in place solutions to address the crisis now, including legislative reform in the UK that will compel private sector participation in debt relief initiatives.”
In response to the UK’s plans to help developing countries access climate finance and mobilise private investment, Heidi Chow, Executive Director at Debt Justice, said:
“Mobilising private climate finance is not the answer as it will likely mean more loans for global south countries, increasing already ballooning debt levels and forcing the cost of the climate crisis onto countries who did the least to create it. Without adequate debt cancellation, new loans will likely be used to repay existing debts. Climate justice requires adequate, grant-based public climate finance alongside debt cancellation.”
Notes Debt Justice (formerly Jubilee Debt Campaign) is a UK charity working to end poverty caused by unjust debt through education, research and campaigning: https://debtjustice.org.uk/
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