Debt-for-climate : hitting three crises with one shot?

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      <subfield code="b">: hitting three crises with one shot?</subfield>
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      <subfield code="a">Many developing countries face a triple crisis. The Covid- 19 pandemic hit countries around the world, especially tourism-dependent small island economies. The pandemic aggravated the debt vulnerabilities many already faced before the pandemic as it resulted in Deep economic contractions and a further rise in public debt. Next to it, many developing countries feel the burden of climate change and are the most vulnerable to the effects of climate change in the coming years. A country wherethe triple crisis is clearly visible is the Maldives. The pandemic resulted in a sharp economic contraction and a rise in debt vulnerabilities. In addition, it is one of the many small island states that are vulnerable for a sea level rise. Recovering from the impact of the Covid-19 pandemic many countries face the effects of climate change, being among others droughts, floods and a rising sea level.Therefore, institutions like the IMF and the World Bank, are promoting a "green" inclusive economic recovery. Investments to tackle the effects of climate change or to cut CO2 emissions can provide an opportunity to reinvigorate growth, create jobs and make economies more climate-resilient. However, as many of these countries have fiscal constraints due to their high debt levels there is hardly any room to make these investments. One of the solutions to support these countries could be that the international community provides debt relief in exchange for investments in climate. Through this so-called debt-for-climate swap, countries can use their freed resources to spend on measures to adapt to or to mitigate the impact of climate change.</subfield>
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