Building on Quicksand

Christian Aid and Debt Justice’s new report explores how the climate and debt crises are colliding to trap millions in the global South into poverty, and calls on the UK Government to take urgent action. 

While lower income countries are receiving only a small fraction of the international climate finance they need to mitigate, adapt to and build back from climate disasters, the costs keep rising. Meanwhile, most climate vulnerable countries are facing the worst debt crisis in a generation, leaving governments choosing between debt repayments, funding basic services and climate action. The largest share of global South debt is owed to private creditors, who charge the highest interest rates and are failing to adequately partake in international debt relief initiatives. 

The UK can raise its fair share of ICF, alongside vital finance for domestic needs, through adopting a range of polluter pays’ measures’. By passing the Debt Relief (Developing Countries) Bill, the UK could incentivise private lenders to fully participate in global debt relief, releasing vital resources for countries to fund vital services and climate action.