Reversing the Vicious Cycle of Debt, Underdevelopment, and Environmental Change

As countries across the Global South face a mounting debt crisis, their ability to invest in climate adaptation and resilience is increasingly at risk. Many countries vulnerable to climate change are exposed to a vicious cycle of higher credit risks, rising borrowing costs and constrained fiscal space amid high investment needs. As highlighted in the World Bank’s International Debt Report 2024, many countries remain stuck in an “extend and pretend” cycle with temporary fixes that fail to tackle the root causes of financial distress. Without bold action, these economies will struggle to meet the Sustainable Development Goals and Nationally Determined Contributions and remain highly vulnerable to climate change.

Join us during London Climate Action Week for an engaging discussion on how to reverse the vicious cycle of debt, underdevelopment, and environmental change. Organised by the SOAS Centre for Sustainable and the Debt Relief for Green and Inclusive Recovery project, this event will explore ways to tackle sovereign debt problems to regain fiscal space for more investment in adaptation and resilience and help countries achieve their sustainable development ambitions.

Welcome and introduction: Ulrich Volz, Professor of Economics and Director of the Centre for Sustainable Finance at SOAS, University of London & Co-Chair of Debt Relief for Green and Inclusive Recovery
Moderator:
• María Fernanda Espinosa, Executive Director of GWL Voices & Co-Chair of Debt Relief for Green and Inclusive Recovery
Panellists:
• Sara Jane Ahmed, Managing Director and Finance Advisor to the Vulnerable Group of Twenty (V20) Ministers of Finance of the Climate Vulnerable Forum
• Ritu Bharadwaj, Director of Climate Resilience, Finance and Loss and Damage at the International Institute for Environment and Development
• Jamie Drummond, Founder of Sharing Strategies
• Hannah Ryder, CEO of Development Reimagined (tbc)