Climate Action Network Position on Debt Swaps, May 2023

Debt-for-climate/nature swaps are not an adequate solution to the debt and climate crises. Furthermore, their implementation can pose significant risks and challenges, causing harm to Global South governments and citizens. Instead, our attention must remain focused on the solutions that will adequately address both crises – large-scale debt cancellation for all countries that need it across all creditors, a renewed consensus on responsible lending and borrowing, and significantly scaled-up new, additional and grant-based climate finance.