A tale of two emergencies – the interplay of sovereign debt and climate crises in the global south /

Informe publicado por Eurodad “Una historia de dos emergencias – La interacción de la deuda soberana con las crisis climáticas en el Sur Global”, Diciembre 2020 /report published by Eurodad, December 2020 (en español & in english)

The climate emergency has become a wider focus of policy discussions around debt, as natural disasters increase both the cost of borrowing and the risk of debt crises in countries in the global south that are often already bearing large external debt stocks. Similarly, unsustainable debt levels can mean less fiscal space and opportunities to face the challenges of adaptation and mitigation, as well as to recover from loss and damage after a climate disaster. In this context, the need to transition globally towards a more sustainable and equitable economy will not be possible without sustainable, responsible and fair climate finance, as well as finance for transition that does not exacerbate debt vulnerabilities in the global south. In a nutshell, climate justice will not be possible without economic and debt justice.

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