Debt swaps are not an effective instrument for reducing debt levels, says new research
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Debt swaps are not an effective instrument for reducing debt levels, says new research
At COP28, the world's top multilateral development banks and other institutions have announced a new global task force to scale up debt-for-nature swaps. But new Eurodad analysis questions the impact such debt swaps are actually having in debtor countries. This briefing aims to inform the discussions on debt swaps among civil society, academics and policymakers.
Read a blog by the author here.
News
COP28
In this section, you can find reactions to COP28 from Eurodad and its partners and allies.
COP28 outcomes for debt justice: a legacy of deepening debt crisis
by Debt Justice
The curtains were drawn on COP28 yesterday as negotiations came to an end a day later than expected. Despite some progress on acknowledging the need to transition away from fossil fuels, the outcomes have not met the needs of communities around the world and leave global south countries without the resources they urgently require to fund climate action.
COP28 at a climate justice and human rights juncture
by MenaFem and Eurodad
The dual climate and debt injustice in the Middle East North Africa (MENA) region is destroying livelihoods, ecosystems and, in some cases, entire economies. In this guest blog by MenaFem's Shereen Talaat published during COP28, she argues that the stakes at play at the COP couldn't be higher for the region.
COP28: New path to transition away from fossil fuels marred by lack of finance and loopholes
by Climate Action Network-International (CAN)
COP28 in Dubai sends an important signal on the end of fossil fuels but leaves more questions than answers on how to ensure a fair and funded transition that is based on science and equity.
Reaction to UK Climate Resilient Debt Clauses and investment announcement at COP28
by Debt Justice
On Climate Finance Day, the UK announced that it has reached an agreement to add Climate Resilient Debt Clauses to its new and existing loan agreements with Senegal and Guyana. Debt Justice, however, has some concerns.
Civil society calls for new IMF Special Drawing Rights allocation at COP28, with fairer distribution to countries in need
by Latindadd
A letter, signed by 144 civil society organizations, academics and experts, notes the need for a new US$650 billion issuance of Special Drawing Rights to help meet urgent and climbing financing needs for developing countries in ways that won’t create additional debt burdens and undue policy conditionality.
Blogs
Zambia (almost) debt deal
by Debt Justice
The Zambian debt crisis has had a huge impact on people right across the country. The ensuing cuts in spending on healthcare and education have been intensely felt by communities, where over 61 per cent of the population earn less than US$2.15 a day. That’s why campaigners have been demanding debt cancellation since the start of the crisis.
Reports
Sovereign ESG bonds in the global south: 10 questions for those concerned about debt and climate justice
by Andre Standing for Eurodad
The past few years have seen a surge in interest in ethically labelled bonds for countries in the global south. This briefing is organised into ten basic questions. The answers demonstrate not only the complexity of the ESG bond market but also point to several problems with its expansion.
Useful resources
Reforms to the global financial architecture
by Global Policy Forum
This briefing provides information on some of the key issues being discussed in the preparatory process for the Summit of the Future 2024 and the Financing for Development Conference 2025 in the area of global financial architecture reforms, outlines political lines of conflict and describes civil society expectations.
ITUC-Africa launches debt campaign to reverse Africa’s debt burden to promote transparency, accountability in debt management
by ITUC-Africa
The African Regional Organization of the International Trade Union Confederation (ITUC-Africa), on Wednesday in Nairobi, the Kenya capital, has launched a campaign to reverse Africa’s sovereign debt trend.
Under the campaign, ITUC-Africa says trade unions in Africa will begin to promote transparency and accountability in debt management by governments.
Bretton Woods Observer - Winter 2023 Edition
by Bretton Woods Project
The Bretton Woods Observer is a critical review of developments at the World Bank and IMF, released quarterly.
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This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders. |
